Assembly Actions -
Senate Actions - UPPERCASE
|May 06, 2022||
delivered to governor
|May 03, 2022||
returned to senate
ordered to third reading rules cal.96
substituted for a10080
|May 02, 2022||
referred to ways and means
delivered to assembly
ordered to third reading cal.931
|Apr 29, 2022||
referred to rules
Senate Bill S8948Signed By Governor
2021-2022 Legislative Session
Archive: Last Bill Status - Signed by Governor
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2021-S8948 (ACTIVE) - Details
2021-S8948 (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.
2021-S8948 (ACTIVE) - Sponsor Memo
BILL NUMBER: S8948 SPONSOR: GOUNARDES TITLE OF BILL: 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 PURPOSE: To extend the election period for the taxable year 2022 from March 15, 2022 to September 15, 2022 for electing resident and standard S corpo- rations. SUMMARY OF PROVISIONS: § 6. (a) Extends the election to be taxed pursuant to article 24-A of the tax law for taxable year 2022 to September 15, 2022.
2021-S8948 (ACTIVE) - Bill Text download pdf
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.
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