S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8948
 
                             I N  S E N A T E
 
                              April 29, 2022
                                ___________
 
 Introduced  by  Sen.  GOUNARDES  -- (at request of the Governor) -- read
   twice and ordered printed, and when printed to  be  committed  to  the
   Committee on Rules
 
 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,
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD12044-01-2
 S. 8948                             2
 
 2022 AND BEFORE JUNE 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 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
 S. 8948                             3
 
 after  January first, two thousand twenty-one but no later than December
 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.