1. (a) As used in this Subpart, the term qualified property means tangible personal property and other tangible property, including buildings and structural components of buildings, which:

   1. (1) is acquired, constructed, reconstructed or erected by the taxpayer after December 31, 1968;
   2. (2) is depreciable pursuant to section 167 of the Internal Revenue Code;
   3. (3) has a useful life of four years or more;
   4. (4) is acquired by the taxpayer by purchase as defined in section 179(d) of the Internal Revenue Code;
   5. (5) has a situs in New York State; and
   6. (6) is principally used by the taxpayer in the production of goods by manufacturing, processing, assembling, refining, mining, extracting, farming, agriculture, horticulture, floriculture, viticulture or commercial fishing.

Tax Law, § 210(12)(b)