What is the difference between the Sales and Use Tax Incentive and the new Sales Tax Exemption?
The Sales and Use Tax Incentive is a credit or refund of the sales or use tax paid on building materials that are incorporated into a qualifying commercial or industrial structure within an Empire Zone. The Sales Tax Exemption is not a refund. It is an exemption from the 4% NYS sales and uses taxes for tangible personal property and services sold to a qualified business. A company must register with the New York State Department of Taxation & Finance and be issued an exemption certificate. The certificate is valid for a 10-year period as long as the business meets or exceeds its base year employment number.
The Sales and Use Tax Incentive is a credit or refund of the sales or use tax paid on building materials that are incorporated into a qualifying commercial or industrial structure within an Empire Zone. The Sales Tax Exemption is not a refund. It is an exemption from the four percent NYS sales and uses taxes for tangible personal property and service sold to a qualified business. A company must register with the New York State Department of Taxation and Finance and be issued an exemption certificate. That certificate is valid for a 10-year period as long as the business meets or exceeds its base year employment number.
The Sales and Use Tax Incentive is a credit or refund of the sales or use tax paid on building materials that are incorporated into a qualifying commercial or industrial structure within an Empire Zone. The Sales Tax Exemption is not a refund. It is an exemption from the 4% NYS sales and uses taxes for tangible personal property and services sold to a qualified business. A company must register with the NYS Department of Taxation & Finance and be issued an exemption certificate. The certificate is valid for a 10-year period as long as the business meets or exceeds its base year employment number.
