Form St-62 - Annual Compliance Report Sales Tax Recapture Page 2
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2ST-62 (2/15) (back)
Instructions
those benefits, attach a list of these projects. For each
Filing requirements
project, include the project name and address, the legal
Every IDA must file this compliance report every year. The
name and EIN of the agent or project operator, and the
report must include:
reason why terms and conditions regarding recapture
• the terms and conditions for the recapture of state
were not included.
sales tax exemption benefits (as described in General
Municipal Law (GML) section 875(3)) within all of the
Activities and efforts to recapture state sales tax
exemption benefits
IDA’s resolutions and project documents. This applies
to:
The GML requires that each IDA recapture state sales
— projects established and agents or project operators
tax exemption benefits that were claimed by a project
appointed, and any financial assistance or
operator or agent, or other person or entity, whenever the
benefits were:
agreement for payments in lieu of taxes provided, on
or after March 28, 2013; and
• not entitled or authorized to be taken,
— any amendment or revision for additional funds
• in excess of the amounts authorized,
or benefits made on or after March 28, 2013, to
• for unauthorized property or services, or
projects established, agents or project operators
appointed, financial assistance provided, or
• for property or services not used according to the terms
payments in lieu of taxes provided, prior to
of the agreement with the IDA
March 28, 2013.
See Form ST-65, IDA Report of Recaptured Sales and
• information about efforts the IDA has made to recover,
Use Tax Benefits, for more information.
recapture, receive, or obtain (“recapture”) any state
IDAs must remit recaptured state sales tax benefit
sales tax exemption benefits and payments in lieu of
amounts to the Tax Department within 30 calendar days,
state sales taxes (“state sales tax exemption benefits”)
using Form ST-65.
from an agent/project operator, or other person or entity.
line 4: If the IDA made efforts to recapture sales tax
Every IDA must file Form ST-62 within 90 days of the end
exemption benefits during the fiscal year covered by
of each fiscal year.
this report and has not filed Form ST-65, attach an
The term state sales tax as used in this form includes both
explanation.
the state sales tax and the state use tax.
The attachment must include:
For more information, see TSB-M-14(1.1)S, Sales Tax
• name and address of the project and project number;
Reporting and Recordkeeping Requirements for Industrial
• legal name, EIN, and address of the agent/project
Development Agencies and Authorities.
operator or other person or entity;
Any IDA that fails to file or substantially complete this
• project beginning and end dates;
report may lose its authority to provide state sales tax
• the basis for recapture, as described above;
exemption benefits.
• date of recapture efforts;
Terms and conditions for the recapture of state
• amounts identified as required to be recaptured; and
sales tax exemption benefits
• amount recaptured, if different.
line 2A: If the IDA used the same standard terms and
conditions for the recapture of state sales tax exemption
When identifying recapture amounts, be sure to break
benefits in the project documents for all projects covered
down the total dollar amount into the categories below:
by this report, attach a copy of the terms and conditions
• state tax,
used. You are not required to attach the entire document.
• local tax,
Attach only the sections describing the state sales tax
recapture requirements described in GML section 875(3).
• MCTD tax (if applicable),
• penalties, and
line 2b: If the IDA used different terms and conditions
for the recapture of state sales tax exemption benefits
• interest.
in the project documents for the projects covered by this
If the amount recaptured was not paid in full, also include
report, attach a copy of the terms and conditions used
copies of correspondence exchanged between the IDA
and identify the project(s) to which they relate. Be sure to
and the agent/project operator or other entity or person
include the project name and address, and the legal name
regarding the recapture efforts.
and EIN of the agent or project operator for each project
identified.
Need help?
If the IDA provided state sales tax exemption benefits but
did not include terms and conditions for the recapture of
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