Bill Text: NY A10080 | 2021-2022 | General Assembly | Introduced
Bill Title: 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.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2022-05-03 - substituted by s8948 [A10080 Detail]
Download: New_York-2021-A10080-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 10080 IN ASSEMBLY 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: 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. LBD12044-01-2A. 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 DecemberA. 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.
