New York A 1989: Prohibits the transfer of unexpended moneys from funds receiving moneys from a dedicated fee into any other fund

Bill Text

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A01989 Summary:

BILL NOA01989A

&nbsp

SAME ASSAME AS S00625-A

&nbsp

SPONSORPaulin

&nbsp

COSPNSR

&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 A01989 Actions:

BILL NOA01989A

&nbsp

01/14/2025referred to ways and means

03/13/2025amend and recommit to ways and means

03/13/2025print number 1989a

01/07/2026referred to ways and means

Go to topA01989 Committee&nbspVotes:

Go to topA01989 Floor&nbspVotes:

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

Go to topA01989 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1989--A

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 14, 2025
 ___________

 Introduced by M. of A. PAULIN -- read once and referred to the Committee
 on Ways and Means -- 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
 21 of the return required by this article falls. The amount of each
 22 installment shall be twenty-five percent of the required annual payment.
 23 (2) [The amount of any required installment shall be twenty-five
 24 percent of the required annual payment.] For an election to be taxed

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD02020-02-5

 A. 1989--A 2

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