Form St 340 PDF Details

The intricacy of the ST-340 form, mandated annually by the New York State Department of Taxation and Finance, underscores the governance and fiscal aspects vested in Industrial Development Agencies (IDAs) and their appointed agents or project operators. This document primarily records the valuation of sales and use tax exemptions exploited during the development and operational phases of IDA-sanctioned projects. Unfolding over two distinct sections, the form initially captures essential project details—ranging from identification numbers and project commencement dates to comprehensive contact information—followed by a meticulous account of the financial benefits gained through tax exemptions. Mandatory submission of this form, underscored by stern warnings against misinformation and perjury, epitomizes the state's vigilance over public financial incentives granted for economic development. Furthermore, the form's stipulation for detailed reporting, including the collation of tax savings not just by the agents themselves but also those accrued through their contractors and consultants, highlights a broader accountability in the pursuit of fiscal transparency. Implicitly, the structure of the ST-340 form and its annual submission deadline encapsulate a systematic attempt to quantify the direct fiscal impacts of IDA projects, anchoring a regulatory framework aimed at bolstering economic development while ensuring fiduciary responsibility and compliance with state laws.

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Form NameForm St 340
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other namesform 340 pdf, form 340 print, how to st 340, nys forms

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Department of Taxation and Finance

Annual Report of Sales and Use Tax Exemptions Claimed by Agent/Project Operator of Industrial Development Agency/Authority (IDA)

ST-340

(1/18)

 

For period ending December 31,

(enter year)

 

 

 

 

 

 

 

 

 

 

 

 

 

Project information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Name of IDA agent/project operator

 

 

 

 

Employer identiication number (EIN)

 

 

 

 

 

 

 

 

 

 

 

Street address

 

 

 

 

Telephone number

 

 

 

 

 

 

(

 

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

City

 

 

 

 

State

 

ZIP code

 

 

 

 

 

 

 

 

 

 

 

Name of IDA

 

Name of project

 

 

IDA project number

 

 

 

 

 

 

 

 

 

 

 

Street address of project site

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

City

 

 

 

 

State

 

ZIP code

 

 

 

 

 

 

 

 

 

 

 

Date project began

 

 

Completion date of project

 

 

 

 

 

 

 

 

 

Actual

Expected

 

 

 

 

 

 

 

 

 

Total sales and use tax exemptions (actual tax savings; not total purchases)

$

 

 

Representative information (not required)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Authorized representative, if any

 

 

 

 

Title

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Street address

 

 

 

 

Telephone number

 

 

 

 

(

 

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

City

 

 

 

 

State

 

ZIP code

 

 

 

 

 

 

 

 

 

 

 

 

Certiication

I certify that the above statements are true, complete, and correct, and that no material information has been omitted. I make these statements with the knowledge that willfully providing false or fraudulent information with this document may constitute a felony or other crime under New York State Law, punishable by a substantial ine and possible jail sentence. I also understand that the Tax Department is authorized to investigate the validity of any information entered on this document.

Print name of oficer, employee, or authorized representative

Title of person signing

 

 

 

Signature

 

Date

 

 

 

If you do not annually ile a complete report, we may remove your authority to act as an IDA agent/project operator.

Mail completed report to:

NYS TAX DEPARTMENT

IDA UNIT

W A HARRIMAN CAMPUS

ALBANY NY 12227-0866

If not using U.S. Mail, see Publication 55, Designated Private Delivery Services.

Page 2 of 2 ST-340 (1/18)

Instructions

General information

Who must ile

The General Municipal Law (GML) and the Public Authorities Law require the agent/project operator (also known as the project occupant) of an Industrial Development Agency or Authority (IDA) to ile an annual report with the Tax Department. The agent/project operator required to ile this report is the person directly appointed by the IDA to act for and to represent the IDA for the project. The

agent/project operator is ordinarily the one for whom the IDA project was created.

There is usually only one agent/project operator directly appointed by the IDA for an IDA project. However, if the IDA directly appoints multiple agents/project operators, each agent/project operator must ile this form (unless they are related corporations).

Only the agent/project operators directly appointed by the IDA must ile Form ST-340. Contractors, subcontractors, consultants, or agents appointed by the agent/project operators should not themselves ile Form ST-340. However, the agent/project operators must include on Form ST-340 information obtained from such contractors, subcontractors, consultants, and agents, as described below.

must ile a separate report for each project, even if authorized by the

same IDA.

Date project began: Enter the date the project started (this means the earliest of the date of any bond or inducement resolution, the execution of any lease, or any bond issuance). Include month, day,

and year.

Completion date of project: Enter the date installation, lease, or rental of property (for example, machinery or computers) on the project ended, or the date the project is expected to be completed. Mark an X in the appropriate box to indicate if the date entered is actual or expected.

Total sales and use tax exemptions: Enter the total amount of New York State and local sales and use taxes exempted during the reporting period as a result of the project’s receipt of IDA inancial assistance (if none, enter 0). This includes exemptions obtained at the time of purchase, as well as through a refund or credit of tax paid. Include the sales and use taxes exempted on purchases of property or services incorporated into or used on the exempt project. This includes the taxes exempted on purchases made by or on behalf of the agent/project operator, the general contractor for the project, and any subcontractors, consultants, or others. Do not enter total purchases.

What you must report

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 designation as an IDA project. This includes:

•the value of the exemptions the agent/project operator (you) obtained; and

•the value of the exemptions obtained by your contractors, subcontractors, consultants, and others, whether or not appointed as agents of the IDA.

Include only the total combined exemptions obtained by the above people. A breakdown of the total is not required. However, since the report must include the value of the exemptions they obtained, you must keep records of the amounts others report to you.

You must make it clear to the contractors, subcontractors, consultants, and others that they must keep accurate tax information and have it available, so that you can comply with the annual reporting requirements.

Do not include on this report the amount of any sales and use tax exemptions from other provisions of the Tax Law (for example, manufacturer’s production equipment exemption, research and development exemption, or contractor’s exemption for tangible

personal property incorporated into a project of an exempt

organization).

When the report is due

You must ile Form ST-340 on a calendar-year basis. It is due by the last day of February of the following year. The reporting requirement applies to IDA projects started on or after July 21, 1993.

Project information

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.

Name of IDA agent/project operator: Enter your name, address, employer identiication number (EIN), and telephone number.

Name of IDA and IDA project number: Enter the name and address of the IDA. If more than one IDA is involved in a particular project, you must ile a separate report for the tax exemptions attributable to each IDA. Also enter the ID project number.

Name of project: Enter the name of the project and the address of the project site. If you are involved in more than one project, you

Representative information

If applicable, enter the name, address, title (for example, attorney or accountant), and telephone number of the individual you authorize to submit this report. This section is not required.

Certiication

Enter the name and title of the person signing on your behalf (for example, the IDA agent/project operator’s oficer, employee, or other authorized representative). Your oficer, employee, or authorized representative must sign and date the report.

Mail completed report to:

NYS TAX DEPARTMENT

IDA UNIT

W A HARRIMAN CAMPUS

ALBANY NY 12227-0866

If not using U.S. Mail, see Publication 55, Designated Private

Delivery Services.

Need help?

Visit our website at www.tax.ny.gov

•get information and manage your taxes online

•check for new online services and features

Telephone assistance

 

Sales Tax Information Center:

518-485-2889

To order forms and publications:

518-457-5431

Text Telephone (TTY) or TDD

Dial 7-1-1 for the

equipment users

New York Relay Service

Privacy notiication

New York State Law requires all government agencies that maintain a system of records to provide notiication of the legal authority

for any request for personal information, the principal purpose(s) for which the information is to be collected, and where it will be maintained. To view this information, visit our website, or, if you do not have Internet access, call and request Publication 54, Privacy Notiication. See Need help? for the Web address and telephone number.

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