A New York State ALJ has upheld the denial by the Department of Taxation and Finance of Investment Tax Credits ("ITCs") for property that was expensed under Internal Revenue Code 179(a). Matter of Ronald N. and Karen A. LeBlanc, et al., DTA Nos. 826547-826549 (N.Y.S. Div. of Tax App., June 1, 2017). The ALJ found that ITC is allowed under Tax Law 210.12(b) only for property that was depreciable pursuant to 167 of the Internal Revenue Code, and that the statute creating an exemption must be strictly construed against the taxpayer. Since the cost incurred in the purchase of the property was, for federal purposes, completely recovered when it was expensed, leaving no basis upon which to compute the ITC, the ITC was held to be properly denied.