Economic Development Job Incentive Program Policy: Sales Tax

A company's failure to close on a bond issue within six months of the adoption of an inducement resolution may require the repayment of all sales tax previously exempted. Should there be a failure to make restitution, the Agency may notify the NYS Department of Taxation and Finance of sales Taxes due.

Each company as agent of the Agency must file an annual statement of the value of all sales tax exemptions claimed. Failure to file such statement with the NYS Department of Taxation and Finance may result in removal of the company's authority to act as agent of the Agency.

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