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Business Taxes
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May the cost of leased equipment be included in eligible investment?
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Answer:
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Yes. The addition of leased equipment, machinery or fixtures qualifies as eligible investment provided the lease has a minimum term of 10 years or is for the expected useful life of the property. The cost of leased equipment is calculated by using the cost as if the property were purchased minus the lessor's estimate of the market value at the end of the lease. This must be determined at the time the lease is entered into, and the information must be supplied to the State Treasurer or his designee and MEGA as part of the documentation when an application is made to receive a Certificate of Completion.
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