New York Tax Department Explains Vendor Sales Tax Collection Credit

The New York Department of Taxation and Finance July 9 issued guidance on a vendor collection credit for sales and use tax purposes. The department clarifies that only those taxpayers who file sales tax returns and pay the full amount due in a timely manner may be considered to receive the credit. The department provides information on: 1) businesses eligible for the credit; 2) businesses not eligible for the credit; 3) calculation of the credit amount; and 4) the procedure to claim the credit. The credit equals 5 percent of the taxes and fees reported on qualifying returns, up to ...