CHAPTER 11. TAXATION.

§11-13KK-8. Identification of investment credit property.

Every taxpayer who claims credit under §11-13KK-1 et seq. of this code shall maintain sufficient records to establish the following facts for each item of qualified property:

(1) Its identity;

(2) Its actual or reasonably determined cost;

(3) Its straight-line depreciation life;

(4) The month and taxable year in which it was placed in service;

(5) The amount of credit taken;

(6) The date it was disposed of or otherwise ceased to be used as qualified property in the small arms and ammunition manufacturing facility of the taxpayer; and

(7) Amounts and dates of federal excise tax paid.

Bill History For §11-13KK-8