- 2 -
|
ST-340 (3/11) (back) Instructions
General information Line instructions
Line 1 — Project purpose — Mark an Xin the box that identifies the
Who must file? purpose of the project. If you mark Other, please be specific in identifying
The General Municipal Law (GML) and the Public Authorities Law require its purpose.
the agent/project operator (also known as the project occupant) of an
Industrial Development Agency or Authority (IDA) to file an annual report Line 2 — Enter the date the project started (this means the earliest of the
with the Tax Department. The agent/project operator required to file date of any bond or inducement resolution, the execution of any lease, or
this report is the person directly appointed by the IDA to act for and to any bond issuance). Include month, day, and year.
represent the IDA for the project. The agent/project operator is ordinarily Line 3 — Enter the date you, or your general contractor or subcontractor,
the one for whom the IDA project was created. actually began, or expect to begin, construction or installation on the
There is usually only one agent/project operator directly appointed by project. Mark an Xin the appropriate box to indicate if the date entered is
the IDA for an IDA project. However, if the IDA directly appoints multiple actual or expected. If the project does not involve any construction, enter
agents/project operators, each agent/project operator must file this form Does not apply.
(unless they are related corporations). Line 4 — Enter the date the construction phase of the project was
Only the agent/project operator(s) directly appointed by the IDA must completed or is expected to be completed. Mark an Xin the appropriate
file Form ST-340. Contractors, subcontractors, consultants, or agents box to indicate if the date entered is actual or expected.
appointed by the agent/project operator(s) should not themselves file Line 5 — Enter the date installation, lease, or rental of property (for
Form ST-340. However, the agent/project operator(s) must include on example, machinery or computers) on the project ended or the date the
Form ST-340 information obtained from such contractors, subcontractors, project is expected to be completed. Mark an Xin the appropriate box to
consultants, and agents, as described below. indicate if the date entered is actual or expected.
What must be reported? Line 6 — Enter the total number of years and months from the project’s
inception to its completion or expected completion.
The report must show the total value of all state and local sales and
use taxes exempted during the calendar year, as a result of the project’s Line 7 — Enter the total amount of New York State and local sales and
designation as an IDA project. This includes: use taxes exempted during the reporting period (if none, enter 0) as a
— the value of the exemptions obtained by the agent/project operator; and result of the project’s receipt of IDA financial assistance. This includes
exemptions obtained at the time of purchase as well as through a refund or
— the value of the exemptions obtained by your contractors, credit of tax paid. Include the sales and use taxes exempted on purchases
subcontractors, consultants, and others, whether or not appointed as of property or services incorporated into or used on the exempt project.
agents of the IDA. This includes the taxes exempted on purchases made by or on behalf of
The report requires only the total combined exemptions obtained by the the agent/project operator, the general contractor for the project, and any
above people. A break down of the total is not required. However, since subcontractors, consultants, or others. Do not enter total purchases on
the report must include the value of the exemptions they obtained, the line 7.
agent/project operator must keep records of the amounts others report to
the agent/project operator. Signature area
It is important that the agent/project operator make it clear to the Enter the name and title of the person signing on behalf of the IDA
contractors, subcontractors, consultants, and others that they must keep agent/project operator (for example, the IDA agent/project operator’s
accurate tax information and have it available so that the agent/project officer, employee, or other authorized representative). The IDA
operator can comply with the annual reporting requirements. agent/project operator’s officer, employee, or authorized representative
must sign the report. Enter the date signed.
Do not include in this report the amount of any sales and use tax
exemptions arising out of other provisions of the Tax Law (for example, Mail completed report to: NYS Tax Department, IDA Unit, W A Harriman
manufacturer’s production equipment exemption, research and Campus, Albany NY 12227.
development exemption, or contractor’s exemption for tangible personal
property incorporated into a project of an exempt organization).
See instructions below for additional information required. Need help?
When is the report due? Internet access: www.tax.ny.gov
You must file Form ST-340 on a calendar-year basis. It is due by the last (for information, forms, and publications)
day of February of the following year. The reporting requirement applies to
IDA projects started on or after July 21, 1993. Sales Tax Information Center: (518) 485-2889
Project information To order forms and publications: (518) 457-5431
At the top of the form, identify the reporting period by entering the year in
the space provided. If an address is required, always include the ZIP code. Text Telephone (TTY) Hotline
(for persons with hearing and
Name of IDA agent/project operator speech disabilities using a TTY): (518) 485-5082
Enter the name, address, federal employer identification number (FEIN),
and telephone number of the IDA agent/project operator. Privacy notification
The Commissioner of Taxation and Finance may collect and maintain personal information
Name of IDA agent/project operator’s authorized pursuant to the New York State Tax Law, including but not limited to, sections 5-a, 171, 171-a,
287, 308, 429, 475, 505, 697, 1096, 1142, and 1415 of that Law; and may require disclosure of
representative social security numbers pursuant to 42 USC 405(c)(2)(C)(i).
Enter the name, address, title (for example, attorney or accountant), and This information will be used to determine and administer tax liabilities and, when authorized by
telephone number of the individual authorized by the IDA agent/project law, for certain tax offset and exchange of tax information programs as well as for any other lawful
operator to submit this report. purpose.
Information concerning quarterly wages paid to employees is provided to certain state agencies
for purposes of fraud prevention, support enforcement, evaluation of the effectiveness of certain
Name of IDA employment and training programs and other purposes authorized by law.
Enter the name and address of the IDA. If more than one IDA is involved Failure to provide the required information may subject you to civil or criminal penalties, or both,
in a particular project, the IDA agent/project operator must file a separate under the Tax Law.
report for the tax exemptions attributable to each IDA. This information is maintained by the Manager of Document Management, NYS Tax Department,
W A Harriman Campus, Albany NY 12227; telephone (518) 457-5181.
Name of project
Enter the name of the project and the address of the project site. If the IDA
agent is involved in more than one project, a separate report must be filed
by the IDA agent/project operator for each project, even if authorized by
the same IDA.
|