§ 861 — Pass-through entity tax election

New York § 861

• Jurisdiction: New York
• Law TAX: Tax
• Art. 24-A: Pass-through Entity Tax

Text

§ 861. Pass-through entity tax election. (a) Any eligible partnership\nor eligible S corporation shall be allowed to make an annual election to\nbe taxed pursuant to this article.\n (b) In order to be effective, the annual election must be made (1) if\nthe entity is an S corporation, by any officer, manager or shareholder\nof the S corporation who is authorized under the law of the state where\nthe corporation is incorporated or under the S corporation's\norganizational documents to make the election and who represents to\nhaving such authorization under penalty of perjury; or (2) if the entity\nis not an S corporation, by any member, partner, owner, or other\nindividual with authority to bind the entity or sign returns pursuant to\nsection six hundred fifty-three of this chapter.\n (c) The annual election must be made on or before the due date of the\nfirst estimated payment under section eight hundred sixty-four of this\narticle and will take effect for the current taxable year. Only one\nelection may be made during each calendar year. An election made under\nthis section is irrevocable after the due date.\n (d) Special rules for electing S corporations. (1) An electing S\ncorporation must certify at the time of its election that all\nshareholders are residents of New York for purposes of article\ntwenty-two of this chapter to be considered an electing resident S\ncorporation.\n (2) If an electing S corporation does not make a certification under\nparagraph one of this subsection at the time of its election, the\nelecting S corporation is automatically treated as an electing standard\nS corporation.\n (3) If an electing S corporation makes a certification under paragraph\none of this subsection to be an electing resident S corporation, this\ncertification is irrevocable as of the due date of the election.\n