Senate Bill S8115B

2023-2024 Legislative Session

Relates to the timing of annual tax elections

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Sponsored By

Current Bill Status - In Senate Committee Investigations And Government Operations Committee


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

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Bill Amendments

2023-S8115 - Details

See Assembly Version of this Bill:
A8451
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §§861, 864, 868 & 871, Tax L

2023-S8115 - Summary

Relates to the timing of annual tax elections and the amount of the required installments.

2023-S8115 - Sponsor Memo

2023-S8115 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8115
 
                             I N  S E N A T E
 
                              January 8, 2024
                                ___________
 
 Introduced  by  Sen. SKOUFIS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Investigations and Govern-
   ment Operations
 
 AN ACT to amend the tax law, in relation to the  timing  of  annual  tax
   elections
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Subsection (c) of section 861 of the tax law, as amended by
 section 2 of subpart C of part J of chapter 59 of the laws of  2023,  is
 amended to read as follows:
   (c)  [The] FOR TAXABLE YEARS BEGINNING BEFORE JANUARY FIRST, TWO THOU-
 SAND TWENTY-FOUR, THE annual election must be made on or before the  due
 date  of  the first estimated payment under section eight hundred sixty-
 four of this article and will take effect for the current taxable  year,
 AND  FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND
 TWENTY-FOUR, SUCH ELECTION MUST BE MADE BY SEPTEMBER  FIFTEENTH  OF  THE
 TAXABLE  YEAR  FOR  WHICH SUCH ELECTION IS BEING MADE. Only one election
 may be made during each calendar  year.  An  election  made  under  this
 section is irrevocable after the due date.
   § 2. Subsection (b) of section 864 of the tax law is amended by adding
 a new paragraph 4 to read as follows:
   (4) WITHOUT REGARD TO PARAGRAPHS ONE AND TWO OF THIS SUBSECTION, IF AN
 ELECTION  IS  MADE ON OR AFTER MARCH FIFTEENTH AND BEFORE JUNE FIFTEENTH
 OF THE TAXABLE YEAR FOR WHICH SUCH ELECTION IS MADE, THE ELECTING  PART-
 NERSHIP  OR  ELECTING S CORPORATION IS REQUIRED TO MAKE AN ESTIMATED TAX
 PAYMENT WITH SUCH ELECTION THAT REPRESENTS TWENTY-FIVE  PERCENT  OF  THE
 REQUIRED  ANNUAL  PAYMENT,  AND  IF AN ELECTION IS MADE ON OR AFTER JUNE
 FIFTEENTH AND BEFORE SEPTEMBER FIFTEENTH OF THE TAXABLE YEAR  FOR  WHICH
 SUCH  ELECTION  IS  MADE,  THE ELECTING PARTNERSHIP OR ELECTING S CORPO-
 RATION IS REQUIRED TO MAKE AN ESTIMATED TAX PAYMENT WITH  SUCH  ELECTION
 THAT REPRESENTS FIFTY PERCENT OF SUCH REQUIRED ANNUAL PAYMENT.
   §  3.  Subsection  (c)  of  section  868 of the tax law, as amended by
 section 7 of subpart C of part J of chapter 59 of the laws of  2023,  is
 amended to read as follows:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

2023-S8115A - Details

See Assembly Version of this Bill:
A8451
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §§861, 864, 868 & 871, Tax L

2023-S8115A - Summary

Relates to the timing of annual tax elections and the amount of the required installments.

2023-S8115A - Sponsor Memo

2023-S8115A - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8115--A
 
                             I N  S E N A T E
 
                              January 8, 2024
                                ___________
 
 Introduced  by  Sen. SKOUFIS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Investigations and Govern-
   ment  Operations  --  committee  discharged,  bill  amended,   ordered
   reprinted as amended and recommitted to said committee
 
 AN  ACT  to  amend  the tax law, in relation to the timing of annual tax
   elections

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subsection (c) of section 861 of the tax law, as amended by
 section  2  of subpart C of part J of chapter 59 of the laws of 2023, is
 amended to read as follows:
   (c) [The] FOR TAXABLE YEARS BEGINNING BEFORE JANUARY FIRST, TWO  THOU-
 SAND  TWENTY-FOUR, THE annual election must be made on or before the due
 date of the first estimated payment under section eight  hundred  sixty-
 four  of this article and will take effect for the current taxable year,
 AND FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO  THOUSAND
 TWENTY-FOUR,  SUCH  ELECTION  MUST BE MADE BY SEPTEMBER FIFTEENTH OF THE
 TAXABLE YEAR FOR WHICH SUCH ELECTION IS BEING MADE.  Only  one  election
 may  be  made  during  each  calendar  year. An election made under this
 section is irrevocable after the due date.
   § 2. Subsection (b) of section 864 of the tax law, as added by section
 1 of part C of chapter 59 of the laws of 2021, paragraph 3 as amended by
 chapter 555 of the laws of 2022, is amended to read as follows:
   (b) General. The estimated tax shall be paid as follows for an  elect-
 ing partnership and an electing S corporation:
   (1)  The  estimated  tax  shall  be paid in four equal installments on
 March  fifteenth,  June  fifteenth,  September  fifteenth  and  December
 fifteenth  in  the calendar year prior to the year in which the due date
 of the return required by this article falls.
   (2) AMOUNT OF REQUIRED INSTALLMENT. (A) The  amount  of  any  required
 installment shall be twenty-five percent of the required annual payment.
   (B)  IN THE CASE OF ANY REQUIRED INSTALLMENT, IF THE ELECTING PARTNER-
 SHIP OR THE ELECTING  S  CORPORATION  ESTABLISHES  THAT  THE  ANNUALIZED
 INCOME  INSTALLMENT  DETERMINED UNDER SUBPARAGRAPH (B) OF PARAGRAPH FOUR
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

2023-S8115B (ACTIVE) - Details

See Assembly Version of this Bill:
A8451
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §§861, 864, 868 & 871, Tax L

2023-S8115B (ACTIVE) - Summary

Relates to the timing of annual tax elections and the amount of the required installments.

2023-S8115B (ACTIVE) - Sponsor Memo

2023-S8115B (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8115--B
 
                             I N  S E N A T E
 
                              January 8, 2024
                                ___________
 
 Introduced  by  Sen. SKOUFIS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Investigations and Govern-
   ment  Operations  --  committee  discharged,  bill  amended,   ordered
   reprinted  as  amended  and recommitted to said committee -- committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to said committee

 AN ACT to amend the tax law, in relation to the  timing  of  annual  tax
   elections
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subsection (c) of section 861 of the tax law, as amended by
 section 2 of subpart C of part J of chapter 59 of the laws of  2023,  is
 amended to read as follows:
   (c)  [The] FOR TAXABLE YEARS BEGINNING BEFORE JANUARY FIRST, TWO THOU-
 SAND TWENTY-FOUR, THE annual election must be made on or before the  due
 date  of  the first estimated payment under section eight hundred sixty-
 four of this article and will take effect for the current taxable  year,
 AND  FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND
 TWENTY-FOUR, SUCH ELECTION MUST BE MADE BY SEPTEMBER  FIFTEENTH  OF  THE
 TAXABLE  YEAR  FOR  WHICH SUCH ELECTION IS BEING MADE. Only one election
 may be made during each calendar  year.  An  election  made  under  this
 section is irrevocable after the due date.
   § 2. Subsection (b) of section 864 of the tax law, as added by section
 1 of part C of chapter 59 of the laws of 2021, paragraph 3 as amended by
 chapter 555 of the laws of 2022, is amended to read as follows:
   (b)  General. The estimated tax shall be paid as follows for an elect-
 ing partnership and an electing S corporation:
   (1) The estimated tax shall be paid in four  [equal]  installments  on
 March  fifteenth,  June  fifteenth,  September  fifteenth  and  December
 fifteenth in the calendar year prior to the year in which the  due  date
 of the return required by this article falls.
   (2)  AMOUNT  OF  REQUIRED  INSTALLMENT. (A) The amount of any required
 installment shall be twenty-five percent of the required annual payment.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13841-05-4
              

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