At the recent Economic Development Council annual meeting held in Cooperstown, the New York State Department of Taxation and Finance ("Tax & Finance") clarified Technical Memorandum TSB-M-14(1.1)S issued on February 12, 2014. The new Form ST-123 will be required only for projects that close, or extensions granted, on and after June 1, 2014. Agents and subagents for projects that closed prior to June 1, 2014 ("Grandfathered Projects") should continue to use the sales and use tax exemption letter issued by the industrial development agency. If any vendor requests the new form for a Grandfathered Project, please call us and we will provide the necessary documentation.
You can find our prior legal alert on Tax & Finance's memo at http://hblaw.com/alerts/New-Procedures-for-Documenting-Sales-and-Use-Tax-Exemptions-04-01-2014.
If you have any questions with respect to the use of Form ST-123, please feel free to contact Connie Cahill at (518) 429-4296 or mcahill@hblaw.com, Garrett DeGraff at (518) 429-4235 or gdegraff@hblaw.com, Jean Everett at (202) 582-0601 or jeverett@hblaw.com, Susan Katzoff at (315) 425-2880 or skatzoff@hblaw.com, or Thomas O'Mara at (607) 398-3710 or tomara@hblaw.com.