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A primary contractor purchasing qualifying temporary facilities from a subcontractor must give the subcontractor a copy of Form ST-124 issued to the primary contractor by the customer including a customer that is an exempt organization to purchase the subcontractor s services exempt from tax. A contractor s acceptance of this certificate does not relieve the contractor of the liability for sales tax on the purchase of building materials or other tangible personal property subsequently incorpora ...

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2015	4.9 Satisfied (55 Votes)
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What qualifies as capital improvements?

A capital improvement is a permanent structural alteration or repair to a property that improves it substantially, thereby increasing its overall value. That may come with updating the property to suit new needs or extending its life. However, basic maintenance and repair are not considered capital improvements.

Are capital improvements taxable in NY?

No, a capital improvement is not subject to sales tax. However, as a general rule, someone must pay the sales tax on the materials that are installed in a capital improvement job. One of the few exceptions to this rule is when the job is being performed for an organization that is exempt from NYS sales and use tax.

What is a NYS Certificate of capital improvement?

A capital improvement is any addition or alteration to real property that meets all three of the following conditions: It substantially adds to the value of the real property, or appreciably prolongs the useful life of the real property.

What is NY ST 124?

How to use Form ST-124. If you are the customer and the work being performed will result in a capital improvement, fill out Form ST-124, Certificate of Capital Improvement, and give it to the contractor. You must give the contractor a properly completed form within 90 days after the service is rendered.