N.Y. TAX Law § 872 — New York Code / Act TAX / Article 24-B / Section 872
Filing of return and payment of tax
Status: in_force

§ 872. Filing of return and payment of tax. (a) General. On or before\nMarch fifteenth following the close of the taxable year, each electing\ncity partnership and each electing city resident S corporation must file\na return for the taxable year reporting the information required\npursuant to this article. For each electing city partnership and each\nelecting city resident S corporation that has a fiscal taxable year, the\nreturn is due on or before March fifteenth following the close of the\ncalendar year that contains the final day of the electing city\npartnership's or electing city resident S corporation's taxable year.\n  (b) Certification of eligibility. Every return filed pursuant to\nsubsection (a) of this section shall include, in a format as prescribed\nby the commissioner, a certification by an individual authorized to act\non behalf of the electing city partnership or electing city resident S\ncorporation that such electing city partnership or electing city\nresident S corporation:\n  (1) Made a timely, valid election to be subject to tax pursuant to\nthis article; and\n  (2) That all statements contained therein are true.\n  (c) Information on the electing city partnership return. Each electing\ncity partnership shall report on such return:\n  (1) Any tax due pursuant to this article. The balance of any tax shown\non such return, not previously paid as installments of estimated tax,\nshall be paid with such return;\n  (2) Identifying information of all partners and/or members who are\ncity taxpayers and eligible to receive a credit pursuant to section\neight hundred seventy of this article;\n  (3) Each partner's and/or member's direct share of the city\npass-through entity tax imposed on the electing city partnership;\n  (4) Each partner's and/or member's distributive share of the city\npass-through entity taxable income calculated pursuant to paragraph one\nof subsection (b) of section eight hundred sixty-seven of this article;\n  (5) The classification, as applicable, of each partner and/or member\nas a city resident individual for purposes of calculating the electing\ncity partnership's city pass-through entity taxable income; and\n  (6) Any other information as required by the commissioner.\n  (d) Information on electing city resident S corporation return. Each\nelecting city resident S corporation shall report on such return:\n  (1) Any tax due pursuant to this article. The balance of any tax shown\non such return, not previously paid as installments of estimated tax,\nshall be paid with such return;\n  (2) Identifying information of all shareholders who are city taxpayers\nand eligible to receive a credit pursuant to section eight hundred\nseventy of this article;\n  (3) Each shareholder's direct share of the pass-through entity tax\nimposed on the electing city resident S corporation;\n  (4) Each shareholder's distributive share of the city pass-through\nentity taxable income calculated pursuant to paragraph two of subsection\n(b) of section eight hundred sixty-seven of this article; and\n  (5) Any other information as required by the commissioner.\n  (e) Special rules for partners, members and shareholders that are\ndisregarded entities. To meet the requirements of paragraph two of\nsubsection (c) of this section for an electing city partnership or\nparagraph two of subsection (d) of this section for an electing city\nresident S corporation, the electing city partnership or electing city\nresident S corporation must provide information sufficient to identify\nboth the disregarded entity that is a partner, member and/or shareholder\nand the city taxpayer eligible for a credit under subsection (a) of\nsection eight hundred seventy of this article.\n  (f) Extensions and amendments. (1) The commissioner may grant a\nreasonable extension of time for payment of tax or estimated tax (or any\ninstallment), or for filing any return, statement, or other document\nrequired pursuant to this article, on such terms and conditions as it\nmay require. No such extension for filing any return, statement or other\ndocument, shall exceed six months.\n  (2) No amended returns. Once a return has been filed by an electing\ncity partnership or electing city resident S corporation, it may not be\namended without the consent of or otherwise authorized by the\ncommissioner.\n  (g) Information provided to partners. Each electing city partnership\nsubject to tax under this article shall report to each partner or member\nthe following:\n  (1) Classification, as applicable, as a city resident individual for\npurposes of calculating the electing city partnership's city\npass-through entity taxable income;\n  (2) Direct share of the city pass-through entity tax imposed on the\nelecting city partnership; and\n  (3) Any other information as required by the commissioner.\n  (h) Information provided to shareholders. Each electing city resident\nS corporation subject to tax under this article shall report to each\nshareholder the following:\n  (1) The shareholder's direct share of the pass-through entity tax\nimposed on the electing city resident S corporation; and\n  (2) Any other information as required by the commissioner.\n