N.Y.
Tax Law Section 868
City pass-through entity tax election
(a)
Any eligible city partnership that makes the annual election to be taxed pursuant to article 24-A (Pass-through Entity Tax)article twenty-four-A of this chapter in accordance with § 861 (Pass-through entity tax election)section eight hundred sixty-one of this chapter or any eligible city resident S corporation that makes the annual election to be taxed pursuant to article 24-A (Pass-through Entity Tax)article twenty-four-A of this chapter as an electing resident S corporation in accordance with § 861 (Pass-through entity tax election)section eight hundred sixty-one of this chapter may make an annual election to be taxed pursuant to this article for the same taxable year for which such eligible city partnership or eligible city resident S corporation has made an election to be taxed pursuant to article twenty-four-A of this chapter. The election to be taxed pursuant to this article must be made by the due date as specified in subsection (c) of § 861 (Pass-through entity tax election)section eight hundred sixty-one of this chapter and in the same manner as the election to be taxed pursuant to article 24-A (Pass-through Entity Tax)article twenty-four-A of this chapter.(b)
In order to be effective, the annual election to be taxed pursuant to this article must be made by an individual as described in subsection (b) of § 861 (Pass-through entity tax election)section eight hundred sixty-one of this chapter who made the annual election to be taxed pursuant to article 24-A (Pass-through Entity Tax)article twenty-four-A of this chapter for the taxable year.(c)
The annual election to be taxed pursuant to this article must be made on or before the due date of the first estimated payment under § 864 (Payment of estimated tax)section eight hundred sixty-four of this chapter and will take effect for the current taxable year. Only one election to be taxed pursuant to this article may be made during each calendar year. An election made under this section is irrevocable after such due date. To the extent an election made under § 861 (Pass-through entity tax election)section eight hundred sixty-one of this chapter is revoked or otherwise invalidated an election made under this section is automatically invalidated.
Source:
Section 868 — City pass-through entity tax election, https://www.nysenate.gov/legislation/laws/TAX/868 (updated May 12, 2023; accessed Oct. 26, 2024).
