senate Bill S8948

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 - 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 02, 2022 referred to ways and means
delivered to assembly
passed senate
ordered to third reading cal.931
Apr 29, 2022 referred to rules

S8948 (ACTIVE) - Details

See Assembly Version of this Bill:
A10080
Law Section:
Labor Law
Laws Affected:
Amd Part MM Subpart A §6, Chap 59 of 2022; amd §25-a, Lab L

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.

S8948 (ACTIVE) - Sponsor Memo

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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