### Question
What does qualified property mean?


### Answer
**Qualified property** has the following meaning in *26 U.S.C. § 48*:

> property—


(i) which is—


(I) tangible personal property, or


(II) other tangible property (not including a building or its structural components), but only if such property is used as an integral part of the qualified investment credit facility, and


  

(ii) with respect to which depreciation (or amortization in lieu of depreciation) is allowable

#### Citation:
  - *26 U.S.C. § 48*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter A-Determination of Tax Liability > PART IV-CREDITS AGAINST TAX > Subpart E-Rules for Computing Investment Credit**

