§ 105-130.10A. Amortization of equipment mandated by OSHA.
§105‑130.10A. Amortization of equipment mandated by OSHA.
(a) In lieu of anydepreciation allowance, at the option of the corporation, a deduction shall beallowed for the amortization, based on a period of 60 months, of the cost ofany equipment mandated by the Occupational Safety and Health Act (OSHA),including the cost of planning, acquiring, constructing, modifying, andinstalling said equipment.
(b) For the purposes ofthis section and G.S. 105‑147(13)d, the term "equipment mandated bythe Occupational Safety and Health Act" is any tangible personal propertyand other buildings and structural components of buildings, which is acquired,constructed, reconstructed, modified, or erected after January 1, 1979; andwhich the taxpayer must acquire, construct, install, or make available in orderto comply with the occupational safety and health standards adopted andpromulgated by the United States Secretary of Labor or the Commissioner ofLabor of North Carolina, and the term "occupational safety and healthstandards" includes but is not limited to interim federal standards,consensus standards, any proprietary standards or permanent standards, as wellas temporary emergency standards which may be adopted by the United StatesSecretary of Labor, promulgated as provided by the Occupational Safety andHealth Act of 1970, (Public Law 91‑596, 91st Congress, Act of December29, 1970, 84 Stat. 1950) and which standards or regulations are published inthe Code of Federal Regulations or otherwise properly promulgated under theOccupational Safety and Health Act of 1970 or any alternative rule, regulationor standard promulgated by the Commissioner of Labor of North Carolina asprovided in G.S. 95‑131. (1979, c. 776, s. 1.)