SALT Report 3324 – TSB-M-14(1.1)S February 12, 2014 sets forth the revised rules regarding recordkeeping requirements for Industrial Development Agencies (IDA).
“Previously, TSB-M-87(7)S, Tax Status of IDA Projects, instructed agents to provide suppliers with a copy of a letter from the IDA written on IDA letterhead authorizing the agent to make qualifying project-related purchases. The new exempt purchase form (Form ST-123) supersedes this advice. Agents should now use Form ST-123, beginning June 1, 2014, to make purchases exempt from state and local sales tax.”
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