Used property definition

Used property means property acquired after June 30, 2021, that is not “new property”.
Used property means property that is originally placed in service by the taxpayer outside of this State. The cost of property used by the taxpayer outside of this State and then placed into service in this State on or after January 1, 1997 is the original cost of the property to the taxpayer, minus the straight-line depreciation allowable for the tax years or portions of the tax years during which the taxpayer used the property outside of this State. The cost of property used by the taxpayer outside of this State and then placed into service in this State before to January 1, 1997 is the original cost of the property.[PL 1997, c. 504, §16 (NEW).]
Used property means property acquired after June 30, 2023, that is not "new

Examples of Used property in a sentence

  • Used property refers to personal property not under a lease agreement and not owned by you but in your possession.

  • Used property that still is usable without repairs in poor condition and undependable or uneconomical in use.

  • Used property which is still in fair condition and usable without repairs; however somewhat deteriorated, with some parts (or portion) worn and should be replaced.

  • Used property, still in excellent condition, but minor repairs required.

  • Used property and used equipment is property or equipment that has been placed in use by a previous owner or user for a period of time, and which is recognized in the relevant trade or industry, if there is one, as qualifying the personal property or equipment as “used”.


More Definitions of Used property

Used property means property acquired after June 30, 2022, that is not “new
Used property means property acquired after June 30,
Used property means property acquired after July 1, 2024, that is not "new property".
Used property means property which has been in use for 90 days or more.
Used property means property on which the tax imposed by this chapter has been
Used property means tangible personal property on which the sales tax has already been collected and property that was held for other than a business purpose on the effective date of this chapter.
Used property means property acquired after June 30, 2020, that is not “new