S T A T E O F N E W Y O R K
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10080
I N A S S E M B L Y
April 29, 2022
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Introduced by M. of A. STERN -- (at request of the Governor) -- read
once and referred to the Committee on Ways and Means
AN ACT to amend subpart A of part MM of chapter 59 of the laws of 2022
amending the tax law relating to pass-through entity tax for electing
resident and standard S corporations, in relation to estimated tax
payments made by partnerships or S corporations who have made a pass-
through entity tax election; and to amend the labor law, in relation
to extending the New York youth jobs program tax credit
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Section 6 of subpart A of part MM of chapter 59 of the
laws of 2022, amending the tax law relating to pass-through entity tax
for electing resident and standard S corporations, is amended to read as
follows:
§ 6. (a) Notwithstanding section 861 of the tax law as added by
section 1 of part C of chapter 59 of the laws of 2021 and amended by
section three of this act, THE ELECTION TO BE TAXED PURSUANT TO ARTICLE
24-A OF THE TAX LAW FOR TAXABLE YEAR 2022 MUST BE MADE BY SEPTEMBER 15,
2022 AND the certification to be taxed as an electing resident S corpo-
ration for the taxable year 2022, must be made by March 15, 2023 in a
manner prescribed by the commissioner.
(b) Further for the taxable year 2022, notwithstanding section 864 of
the tax law, as added by section 1 of part C of chapter 59 of the laws
of 2021, an electing resident S corporation THAT MADE ITS ELECTION TO BE
TAXED PURSUANT TO ARTICLE 24-A OF THE TAX LAW ON OR BEFORE MARCH 15,
2022 shall be required to make estimated tax payments on March fifteenth
and June fifteenth representing twenty-five percent of the required
annual payment as if such electing resident S corporation was an elect-
ing standard S corporation. However, all electing resident S corpo-
rations shall be required as of September 15, 2022 to have paid seven-
ty-five percent of the required annual payment.
(C) FURTHER FOR THE TAXABLE YEAR 2022, FOR AN ELECTION TO BE TAXED
PURSUANT TO ARTICLE 24-A OF THE TAX LAW THAT IS MADE AFTER MARCH 15,
2022 AND BEFORE JUNE 15, 2022 TO BE VALID, THE ELECTING PARTNERSHIP OR
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
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ELECTING S CORPORATION IS REQUIRED TO MAKE AN ESTIMATED TAX PAYMENT WITH
ITS ELECTION THAT REPRESENTS TWENTY-FIVE PERCENT OF THE REQUIRED ANNUAL
PAYMENT.
(D) FURTHER FOR THE TAXABLE YEAR 2022, FOR AN ELECTION TO BE TAXED
PURSUANT TO ARTICLE 24-A THAT IS MADE AFTER JUNE 15, 2022 AND BEFORE
SEPTEMBER 15, 2022 TO BE VALID, THE ELECTING PARTNERSHIP OR ELECTING S
CORPORATION IS REQUIRED TO MAKE AN ESTIMATED TAX PAYMENT WITH ITS
ELECTION THAT REPRESENTS FIFTY PERCENT OF THE REQUIRED ANNUAL PAYMENT.
§ 2. The opening paragraph of subdivision (d) of section 25-a of the
labor law, as amended by section 3 of part N of chapter 59 of the laws
of 2022, is amended to read as follows:
To participate in the program established under this section, an
employer must submit an application (in a form prescribed by the commis-
sioner) to the commissioner after January first, two thousand twelve but
no later than November thirtieth, two thousand twelve for program one,
after January first, two thousand fourteen but no later than November
thirtieth, two thousand fourteen for program two, after January first,
two thousand fifteen but no later than November thirtieth, two thousand
fifteen for program three, after January first, two thousand sixteen but
no later than November thirtieth, two thousand sixteen for program four,
after January first, two thousand seventeen but no later than November
thirtieth, two thousand seventeen for program five, after January first,
two thousand eighteen but no later than November thirtieth, two thousand
eighteen for program six, after January first, two thousand nineteen but
no later than November thirtieth, two thousand nineteen for program
seven, after January first, two thousand twenty but no later than Novem-
ber thirtieth, two thousand twenty for program eight, after January
first, two thousand twenty-one but no later than November thirtieth, two
thousand twenty-one for program nine, after January first, two thousand
twenty-two but no later than November thirtieth, two thousand twenty-two
for program ten, after January first, two thousand twenty-three but no
later than November thirtieth, two thousand twenty-three for program
eleven, after January first, two thousand twenty-four but no later than
November thirtieth, two thousand twenty-four for program twelve, after
January first, two thousand twenty-five but no later than November thir-
tieth, two thousand twenty-five for program thirteen, after January
first, two thousand twenty-six but no later than November thirtieth, two
thousand twenty-six for program fourteen, and after January first, two
thousand twenty-seven but no later than November thirtieth, two thousand
twenty-seven for program fifteen. The qualified employees must start
their employment on or after January first, two thousand twelve but no
later than December thirty-first, two thousand twelve for program one,
on or after January first, two thousand fourteen but no later than
December thirty-first, two thousand fourteen for program two, on or
after January first, two thousand fifteen but no later than December
thirty-first, two thousand fifteen for program three, on or after Janu-
ary first, two thousand sixteen but no later than December thirty-first,
two thousand sixteen for program four, on or after January first, two
thousand seventeen but no later than December thirty-first, two thousand
seventeen for program five, on or after January first, two thousand
eighteen but no later than December thirty-first, two thousand eighteen
for program six, on or after January first, two thousand nineteen but no
later than December thirty-first, two thousand nineteen for program
seven, on or after January first, two thousand twenty but no later than
December thirty-first, two thousand twenty for program eight, on or
after January first, two thousand twenty-one but no later than December
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thirty-first, two thousand twenty-one for program nine, on or after
January first, two thousand twenty-two but no later than December thir-
ty-first, two thousand twenty-two for program ten, on or after January
first, two thousand twenty-three but no later than December thirty-
first, two thousand [three] TWENTY-THREE for program eleven, on or after
January first, two thousand twenty-four but no later than December thir-
ty-first, two thousand twenty-four for program twelve, on or after Janu-
ary first, two thousand twenty-five but no later than December thirty-
first, two thousand twenty-five for program thirteen, on or after
January first, two thousand twenty-six but no later than December thir-
ty-first, two thousand twenty-six for program fourteen, and on or after
January first, two thousand twenty-seven but no later than December
thirty-first, two thousand twenty-seven for program fifteen. As part of
such application, an employer must:
§ 3. This act shall take effect immediately.