Scholarship Certificate and Private Schools Policy
On January 12, 2016, the Build NYC Resource Corporation adopted a series of policies for private schools seeking financial assistance from the Corporation. Annual filing of Scholarship Certificates are required by certain private schools with NYCIDA and Build NYC Resource Corporation agreements. In addition to providing summary information about the number of scholarships provided to New York City residents and a detailed list of each scholarship provided, the schools must also provide information about "school sharing" with public schools, community service programs, and confirm that they are currently registered with the New York State Department of Education.
ST-60 "IDA Appointment of Project or Agent"
In order for a Project Company to receive a Letter of Authorization of Sales and Use Tax Exemption (the "Sales Tax Letter"), certain requirements must be met for purchases to be exempt from sales tax. A memorandum, which explains the requirements and procedures of using the "Letter of Sales Tax Exemption" and the subsequent appointment of Agents by the Company is available for download. In addition, the ST-60 "IDA Appointment of Project or Agent" Form is accessible for download as well. For more information on the ST-60, visit the New York State Department of Taxation and Finance. Any entity making purchases on the Company's behalf (contractors, subcontractors, vendors) using the New York City Industrial Development Agency Sales Tax Letter must complete and submit this form.
Before an Agent can be appointed in connection with the use of the Sales Tax Letter, the Lessee must submit Form ST-60 (with all required attachments) to the Agency as provided. Agents will not have a valid exemption until returned executed documents appointing the Agents are received by the Project.
ST-340 "Annual Report of Sales and Use Tax Exemptions"
The General Municipal Law (GML) and the Public Authorities Law require the project companies of an Industrial Development Agency (IDA) to file an annual report of Sales and Use Tax Exemptions (Form ST-340) with the New York State Department of Taxation and Finance (NYSDOTF). All IDA project companies whose Letter of Sales Tax Exemption was valid at any time during the past calendar year (January 1- December 31) must file this form. Only the project companies appointed by the IDA must file the Form ST-340. Contractors, subcontractors, consultants, or agents appointed by the agent/project company should not file Form ST-340 themselves.
The report must show the total value of all state and local sales and uses taxes exempted during the calendar year. You must file Form ST-340 on a calendar-year basis. It is due to the NYSDOTF on the last day in February. The original form (wet signature) must be sent to the NYSDOTF, and a copy must be sent to the NYCIDA Compliance Department. The form and instructions are available for download below. Please email completed forms to [email protected] or fax to 212.618.5738.
Below are sample compliance calendars which show the typical obligations for Build NYC and NYCIDA agreements. Note that all agreements are project-specific, so obligations included in the calendars may or may not apply. There may also be additional obligations that are not included in the sample calendars.
For most NYCIDA and Build NYC projects that closed in 2009 or later, a provision allowing the agencies to charge late fees may be included in the agreement. For more information on late fees, please review the document below.
Fair Wages for New Yorkers Act
A local law to amend the administrative code of the City of New York, in relation to requiring the payment of a living wage to employees employed on property developed by recipients of financial assistance for economic development.