N.Y.
Tax Law Section 872
Filing of return and payment of tax
(a)
General. On or before March fifteenth following the close of the taxable year, each electing city partnership and each electing city resident S corporation must file a return for the taxable year reporting the information required pursuant to this article. For each electing city partnership and each electing city resident S corporation that has a fiscal taxable year, the return is due on or before March fifteenth following the close of the calendar year that contains the final day of the electing city partnership’s or electing city resident S corporation’s taxable year.(b)
Certification of eligibility. Every return filed pursuant to subsection (a) of this section shall include, in a format as prescribed by the commissioner, a certification by an individual authorized to act on behalf of the electing city partnership or electing city resident S corporation that such electing city partnership or electing city resident S corporation:(1)
Made a timely, valid election to be subject to tax pursuant to this article; and(2)
That all statements contained therein are true.(c)
Information on the electing city partnership return. Each electing city partnership shall report on such return:(1)
Any tax due pursuant to this article. The balance of any tax shown on such return, not previously paid as installments of estimated tax, shall be paid with such return;(2)
Identifying information of all partners and/or members who are city taxpayers and eligible to receive a credit pursuant to § 870 (City pass-through entity tax credit)section eight hundred seventy of this article;(3)
Each partner’s and/or member’s direct share of the city pass-through entity tax imposed on the electing city partnership;(4)
Each partner’s and/or member’s distributive share of the city pass-through entity taxable income calculated pursuant to paragraph one of subsection (b) of § 867 (Definitions)section eight hundred sixty-seven of this article;(5)
The classification, as applicable, of each partner and/or member as a city resident individual for purposes of calculating the electing city partnership’s city pass-through entity taxable income; and(6)
Any other information as required by the commissioner.(d)
Information on electing city resident S corporation return. Each electing city resident S corporation shall report on such return:(1)
Any tax due pursuant to this article. The balance of any tax shown on such return, not previously paid as installments of estimated tax, shall be paid with such return;(2)
Identifying information of all shareholders who are city taxpayers and eligible to receive a credit pursuant to § 870 (City pass-through entity tax credit)section eight hundred seventy of this article;(3)
Each shareholder’s direct share of the pass-through entity tax imposed on the electing city resident S corporation;(4)
Each shareholder’s distributive share of the city pass-through entity taxable income calculated pursuant to paragraph two of subsection (b) of § 867 (Definitions)section eight hundred sixty-seven of this article; and(5)
Any other information as required by the commissioner.(e)
Special rules for partners, members and shareholders that are disregarded entities. To meet the requirements of paragraph two of subsection (c) of this section for an electing city partnership or paragraph two of subsection (d) of this section for an electing city resident S corporation, the electing city partnership or electing city resident S corporation must provide information sufficient to identify both the disregarded entity that is a partner, member and/or shareholder and the city taxpayer eligible for a credit under subsection (a) of § 870 (City pass-through entity tax credit)section eight hundred seventy of this article.(f)
Extensions and amendments.(1)
The commissioner may grant a reasonable extension of time for payment of tax or estimated tax (or any installment), or for filing any return, statement, or other document required pursuant to this article, on such terms and conditions as it may require. No such extension for filing any return, statement or other document, shall exceed six months.(2)
No amended returns. Once a return has been filed by an electing city partnership or electing city resident S corporation, it may not be amended without the consent of or otherwise authorized by the commissioner.(g)
Information provided to partners. Each electing city partnership subject to tax under this article shall report to each partner or member the following:(1)
Classification, as applicable, as a city resident individual for purposes of calculating the electing city partnership’s city pass-through entity taxable income;(2)
Direct share of the city pass-through entity tax imposed on the electing city partnership; and(3)
Any other information as required by the commissioner.(h)
Information provided to shareholders. Each electing city resident S corporation subject to tax under this article shall report to each shareholder the following:(1)
The shareholder’s direct share of the pass-through entity tax imposed on the electing city resident S corporation; and(2)
Any other information as required by the commissioner.
Source:
Section 872 — Filing of return and payment of tax, https://www.nysenate.gov/legislation/laws/TAX/872 (updated Apr. 29, 2022; accessed Oct. 26, 2024).
