Amd Part MM Subpart A §6, Chap 59 of 2022; amd §25-a, Lab L
Provides that for an employer to participate in the New York youth jobs program tax credit program eleven, they must submit their application no later than December 1, 2023; requires that a pass-through entity tax election must be made by September 15, 2022 for the 2022 tax year; provides for necessary estimated payments for electing resident S corporations based on the date a pass-through entity tax election was made.
STATE OF NEW YORK
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10080
IN ASSEMBLY
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:
1 Section 1. Section 6 of subpart A of part MM of chapter 59 of the
2 laws of 2022, amending the tax law relating to pass-through entity tax
3 for electing resident and standard S corporations, is amended to read as
4 follows:
5 § 6. (a) Notwithstanding section 861 of the tax law as added by
6 section 1 of part C of chapter 59 of the laws of 2021 and amended by
7 section three of this act, the election to be taxed pursuant to article
8 24-A of the tax law for taxable year 2022 must be made by September 15,
9 2022 and the certification to be taxed as an electing resident S corpo-
10 ration for the taxable year 2022, must be made by March 15, 2023 in a
11 manner prescribed by the commissioner.
12 (b) Further for the taxable year 2022, notwithstanding section 864 of
13 the tax law, as added by section 1 of part C of chapter 59 of the laws
14 of 2021, an electing resident S corporation that made its election to be
15 taxed pursuant to article 24-A of the tax law on or before March 15,
16 2022 shall be required to make estimated tax payments on March fifteenth
17 and June fifteenth representing twenty-five percent of the required
18 annual payment as if such electing resident S corporation was an elect-
19 ing standard S corporation. However, all electing resident S corpo-
20 rations shall be required as of September 15, 2022 to have paid seven-
21 ty-five percent of the required annual payment.
22 (c) Further for the taxable year 2022, for an election to be taxed
23 pursuant to article 24-A of the tax law that is made after March 15,
24 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.
LBD12044-01-2
A. 10080 2
1 electing S corporation is required to make an estimated tax payment with
2 its election that represents twenty-five percent of the required annual
3 payment.
4 (d) Further for the taxable year 2022, for an election to be taxed
5 pursuant to article 24-A that is made after June 15, 2022 and before
6 September 15, 2022 to be valid, the electing partnership or electing S
7 corporation is required to make an estimated tax payment with its
8 election that represents fifty percent of the required annual payment.
9 § 2. The opening paragraph of subdivision (d) of section 25-a of the
10 labor law, as amended by section 3 of part N of chapter 59 of the laws
11 of 2022, is amended to read as follows:
12 To participate in the program established under this section, an
13 employer must submit an application (in a form prescribed by the commis-
14 sioner) to the commissioner after January first, two thousand twelve but
15 no later than November thirtieth, two thousand twelve for program one,
16 after January first, two thousand fourteen but no later than November
17 thirtieth, two thousand fourteen for program two, after January first,
18 two thousand fifteen but no later than November thirtieth, two thousand
19 fifteen for program three, after January first, two thousand sixteen but
20 no later than November thirtieth, two thousand sixteen for program four,
21 after January first, two thousand seventeen but no later than November
22 thirtieth, two thousand seventeen for program five, after January first,
23 two thousand eighteen but no later than November thirtieth, two thousand
24 eighteen for program six, after January first, two thousand nineteen but
25 no later than November thirtieth, two thousand nineteen for program
26 seven, after January first, two thousand twenty but no later than Novem-
27 ber thirtieth, two thousand twenty for program eight, after January
28 first, two thousand twenty-one but no later than November thirtieth, two
29 thousand twenty-one for program nine, after January first, two thousand
30 twenty-two but no later than November thirtieth, two thousand twenty-two
31 for program ten, after January first, two thousand twenty-three but no
32 later than November thirtieth, two thousand twenty-three for program
33 eleven, after January first, two thousand twenty-four but no later than
34 November thirtieth, two thousand twenty-four for program twelve, after
35 January first, two thousand twenty-five but no later than November thir-
36 tieth, two thousand twenty-five for program thirteen, after January
37 first, two thousand twenty-six but no later than November thirtieth, two
38 thousand twenty-six for program fourteen, and after January first, two
39 thousand twenty-seven but no later than November thirtieth, two thousand
40 twenty-seven for program fifteen. The qualified employees must start
41 their employment on or after January first, two thousand twelve but no
42 later than December thirty-first, two thousand twelve for program one,
43 on or after January first, two thousand fourteen but no later than
44 December thirty-first, two thousand fourteen for program two, on or
45 after January first, two thousand fifteen but no later than December
46 thirty-first, two thousand fifteen for program three, on or after Janu-
47 ary first, two thousand sixteen but no later than December thirty-first,
48 two thousand sixteen for program four, on or after January first, two
49 thousand seventeen but no later than December thirty-first, two thousand
50 seventeen for program five, on or after January first, two thousand
51 eighteen but no later than December thirty-first, two thousand eighteen
52 for program six, on or after January first, two thousand nineteen but no
53 later than December thirty-first, two thousand nineteen for program
54 seven, on or after January first, two thousand twenty but no later than
55 December thirty-first, two thousand twenty for program eight, on or
56 after January first, two thousand twenty-one but no later than December
A. 10080 3
1 thirty-first, two thousand twenty-one for program nine, on or after
2 January first, two thousand twenty-two but no later than December thir-
3 ty-first, two thousand twenty-two for program ten, on or after January
4 first, two thousand twenty-three but no later than December thirty-
5 first, two thousand [three] twenty-three for program eleven, on or after
6 January first, two thousand twenty-four but no later than December thir-
7 ty-first, two thousand twenty-four for program twelve, on or after Janu-
8 ary first, two thousand twenty-five but no later than December thirty-
9 first, two thousand twenty-five for program thirteen, on or after
10 January first, two thousand twenty-six but no later than December thir-
11 ty-first, two thousand twenty-six for program fourteen, and on or after
12 January first, two thousand twenty-seven but no later than December
13 thirty-first, two thousand twenty-seven for program fifteen. As part of
14 such application, an employer must:
15 § 3. This act shall take effect immediately.
