What is my cost basis on capital equipment if I receive a tax credit for purchasing it? Does the tax credit reduce the cost basis? If not, am I still able to depreciate the item over its useful life using the actual capital purchase price as the cost basis?
with that preface, doesn’t it make asking your question pointless?
better 
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bump…any help?
Federal credit? Generally, I’d say “yes”. Buy asset for $1000, get $150 tax credit, depreciate $850 over the life of the asset.