assembly Bill A10080

Signed By Governor
2021-2022 Legislative Session

Relates to employer participation in the New York youth jobs program tax credit program and to estimated tax payments made by partnerships or S corporations who have made a pass-through entity tax election

download bill text pdf

Sponsored By

Current Bill Status Via S8948 - Signed by Governor


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor

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Actions

view actions (11)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 06, 2022 signed chap.188
delivered to governor
May 03, 2022 returned to senate
passed assembly
ordered to third reading rules cal.96
substituted for a10080
May 03, 2022 substituted by s8948
rules report cal.96
reported
reported referred to rules
Apr 29, 2022 referred to ways and means

A10080 (ACTIVE) - Details

See Senate Version of this Bill:
S8948
Law Section:
Tax Law
Laws Affected:
Amd Part MM Subpart A §6, Chap 59 of 2022; amd §25-a, Lab L

A10080 (ACTIVE) - Summary

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.

A10080 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10080
 
                           I N  A S S E M B L Y
 
                              April 29, 2022
                                ___________
 
 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.