§ 868. City pass-through entity tax election. (a) Any eligible city
partnership that makes the annual election to be taxed pursuant to
article twenty-four-A of this chapter in accordance with 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 twenty-four-A of this chapter as an electing resident S
corporation in accordance with 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 section eight hundred sixty-one of this chapter and
in the same manner as the election to be taxed pursuant to 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 section eight hundred sixty-one of this chapter who made the
annual election to be taxed pursuant to 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
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 section eight hundred sixty-one of this chapter is
revoked or otherwise invalidated an election made under this section is
automatically invalidated.