New York S 625: Relates to vehicular assault and vehicular manslaughter

Bill Text

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S00625 Summary:

BILL NOS00625A

&nbsp

SAME ASSAME AS A01989-A

&nbsp

SPONSORSKOUFIS

&nbsp

COSPNSRFERNANDEZ, SUTTON

&nbsp

MLTSPNSR

&nbsp

Amd §§861, 864, 868 & 871, Tax L

&nbsp

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

Go to top S00625 Actions:

BILL NOS00625A

&nbsp

01/08/2025REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

02/03/2025REPORTED AND COMMITTED TO FINANCE

03/28/2025AMEND AND RECOMMIT TO FINANCE

03/28/2025PRINT NUMBER 625A

01/07/2026REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

03/10/2026REPORTED AND COMMITTED TO FINANCE

Go to topS00625 Committee&nbspVotes:

Go to topS00625 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS00625 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 625--A

 2025-2026 Regular Sessions

 IN SENATE

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by Sens. SKOUFIS, FERNANDEZ -- read twice and ordered print-
 ed, and when printed to be committed to the Committee on Investi-
 gations and Government Operations -- reported favorably from said
 committee and committed to the Committee on Finance -- 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:

 1 Section 1. Subsection (c) of section 861 of the tax law, as amended by
 2 section 2 of subpart C of part J of chapter 59 of the laws of 2023, is
 3 amended to read as follows:
 4 (c) The annual election must be made on or before [the due date of the
 5 first estimated payment under section eight hundred sixty-four of this
 6 article] September fifteenth and will take effect for the current taxa-
 7 ble year. Only one election may be made during each calendar year. An
 8 election made under this section is irrevocable after [the due date]
 9 September fifteenth of the taxable year.
 10 § 2. Subsection (b) of section 864 of the tax law, as added by section
 11 1 of part C of chapter 59 of the laws of 2021, paragraph 3 as amended by
 12 chapter 555 of the laws of 2022, is amended to read as follows:
 13 (b) General. The estimated tax shall be paid as follows for an elect-
 14 ing partnership and an electing S corporation:
 15 (1) [The estimated tax shall be paid] For an election to be taxed
 16 pursuant to this article that is made on or before March fifteenth of
 17 the taxable year, the electing partnership or electing S corporation is
 18 required to make estimated tax payments in four equal installments on
 19 March fifteenth, June fifteenth, September fifteenth and December
 20 fifteenth in the calendar year prior to the year in which the due date

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD02020-03-5

 S. 625--A 2

 1 of the return required by this article falls. The amount of each
 2 installment shall be twenty-five percent of the required annual payment.
 3 (2) [The amount of any required installment shall be twenty-five
 4 percent of the required annual payment.] For an election to be taxed
 5 pursuant to this article that is made after March fifteenth but before
 6 June fifteenth in the taxable year, the electing partnership or electing
 7 S corporation is required to make an estimated tax payment with its
 8 election that represents twenty-five percent of the required annual
 9 payment. The electing partnership or electing S corporation shall
 10 further make payments on June fifteenth, September fifteenth, and Decem-
 11 ber fifteenth in the calendar year prior to the year in which the due
 12 date of the return required by this article falls, which shall each
 13 represent twenty-five percent of the required annual payment.
 14 (3) For an election to be taxed pursuant to this article that is made
 15 on or after June fifteenth but before September fifteenth in the taxable
 16 year, the electing partnership or electing S corporation is required to
 17 make an estimated tax payment with its election that represents fifty
 18 percent of the required annual payment. The electing partnership or
 19 el