If an asset qualifies for the investment tax credit (ITC), 10% of the asset's purchase cost can bededucted from federal tax payable.

Name: If an asset qualifies for the investment tax credit (ITC), 10% of the asset's purchase cost can bededucted from federal tax payable.
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This statement is true. If an asset qualifies for the investment tax credit (ITC), 10% of the asset's purchase cost can be deducted from federal tax payable.

If an Asset Qualifies for the Investment Tax Credit (ITC)