What Is ST 123 Form
The New York State (NYS) form ST-123, also referred to as the IDA Agent or Project Operator Exempt Purchase Certificate, is a crucial document for organizations that qualify for sales tax exemptions on property or services purchased for specific projects. This certificate proves that the entity in possession can make tax-exempt purchases related to approved projects by Industrial Development Agencies (IDAs) within the state.
When to Use NY Form ST-123
The NY ST 123 form is utilized in several scenarios, each tied to tax-exempt activities designated by NYS authorities. These situations include:
- When an IDA project operator buys or rents tangible personal property or services without paying the sales tax, as long as the items are used predominantly in the approved project.
- If an appointed agent makes similar purchases on behalf of a project operator, leveraging the sales tax exemption applicable to the project.
- In cases where sub-agents, contractors, or subcontractors need to purchase or rent items or obtain services under the tax-exempt status of the main project.
- It is vital for the parties making such purchases to ensure that they align with the tax exemption terms as specified by the IDA and within the detailed project plan.
How To Fill Out NYS Form ST123
1. General Information
Enter the Name of the Seller to whom you are presenting this certificate.
Provide the Name of the Agent or Project Operator and full Street Address, including City, Town, or Village State, and ZIP Code where indicated.
- Sales Tax ID Number
If you have a Sales Tax ID Number, enter it in the space provided. If you are not required to be registered, write "N/A".
- Certificate Type
Determine if the certificate will be for a Single Purchase or a Blanket Purchase for the specified project. Mark an "X" in the appropriate box.
- Project Information
State the Name of the IDA appointing you as an agent or project operator.
Enter the Name of the Project and the associated IDA Project Number.
Provide the Street Address of the Project Site and the City, Town, Village, State, and ZIP Code.
Indicate the Date of Appointment as an agent or project operator and the Date that Status Ends in the relevant spaces using the format.
- Certification
The designated purchaser or their representative must sign the form to certify that the statements on the form are true and correct to their knowledge.
Fill in the date on the designated line.
Type or print the name, title, and relationship of the person who signed the form in the spaces provided at the end of the form.
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