2023 New York Laws › TAX - Tax › Article 24-B - City Pass-Through Entity Tax › 867 - Definitions.

§ 867. Definitions. For purposes of this article:
(a)  City  pass-through entity tax. City pass-through entity tax means
the total tax imposed by this article on an electing city partnership or
an electing city resident S corporation.
(b) City pass-through entity taxable income. City pass-through  entity
taxable income means:
(1)  In  the  case of an electing city partnership, the sum of (i) all
items of income, gain,  loss,  or  deduction  to  the  extent  they  are
included  in  the  city  taxable  income  of  a partner or member of the
electing  city  partnership  who  is  a  city  taxpayer;  and  (ii)  all
pass-through   entity   taxes   including   taxes   paid  under  article
twenty-four-A of this chapter to New York, taxes paid under this article
to the city of New York, and taxes paid to other jurisdictions that  are
substantially  similar to taxes paid under article twenty-four-A of this
chapter, to the extent that, for federal income tax purposes, the  taxes
were paid and deducted in the taxable year, and they are included in the
taxable  income  of the partners subject to tax under article twenty-two
of this chapter for the taxable year.
(2) In the case of an electing city resident S corporation, the sum of
(i) all items of income, gain, loss, or deduction  to  the  extent  they
would  be  included  in  the city taxable income of a shareholder of the
electing city resident S corporation who is a city  taxpayer;  and  (ii)
all  pass-through  entity  taxes  including  taxes  paid  under  article
twenty-four-A of this chapter to New York, taxes paid under this article
to the city of New York, and taxes paid to other jurisdictions that  are
substantially  similar to taxes paid under article twenty-four-A of this
chapter, to the extent that, for federal income tax purposes, the  taxes
were paid and deducted in the taxable year, and they are included in the
taxable  income  of  the  shareholders  subject  to  tax  under  article
twenty-two of this chapter for the taxable year.
(c) City resident individual. City resident individual  has  the  same
meaning  as  that  term is defined in subsection (a) of section thirteen
hundred five of this chapter.
(d) City taxable income. City taxable income has the same  meaning  as
that term is defined in section thirteen hundred three of this chapter.
(e) City taxpayer. A city taxpayer means:
(1)  a  city  resident  individual,  as  defined  in subsection (a) of
section thirteen hundred five of this chapter; and
(2) a city resident trust or estate, as defined in subsection  (c)  of
section thirteen hundred five of this chapter.
(f) Direct share of city pass-through entity tax. Direct share of city
pass-through  entity  tax  means the portion of city pass-through entity
tax calculated on city pass-through entity  taxable  income  of  a  city
taxpayer  who is a partner or member of the electing city partnership or
a city taxpayer who is a shareholder of the  electing  city  resident  S
corporation.
(g)  Electing  city  partnership.  Electing city partnership means any
eligible partnership that made a  valid,  timely  election  pursuant  to
section eight hundred sixty-eight of this article.
(h)  Electing  city  resident  S corporation. Electing city resident S
corporation means any eligible resident S corporation that made a valid,
timely election pursuant to section eight hundred  sixty-eight  of  this
article.
(i)  Eligible  city  partnership.  Eligible city partnership means any
partnership as provided  for  in  section  7701(a)(2)  of  the  Internal
Revenue  Code  that  has  a  filing  requirement  under paragraph one of
subsection (c) of section six hundred fifty-eight of this chapter  other
than  a  publicly  traded  partnership as defined in section 7704 of the

Internal Revenue Code, where at least one partner or member  is  a  city
taxpayer.  An eligible city partnership includes any entity, including a
limited liability company, treated as a partnership for  federal  income
tax purposes that otherwise meets the requirements of this subsection.
(j)  Eligible  city  resident  S corporation. Eligible city resident S
corporation means any New York S  corporation  as  defined  pursuant  to
subdivision  one-A  of section two hundred eight of this chapter that is
subject to tax under section two hundred nine of this chapter  that  has
only city taxpayer shareholders. An eligible city resident S corporation
includes  any  entity, including a limited liability company, treated as
an S corporation for federal income tax purposes  that  otherwise  meets
the requirements of this subsection.
(k)  Taxable  year.  An  electing  city partnership's or electing city
resident S corporation's taxable year pursuant to this article shall  be
the  same as the electing city partnership's or electing city resident S
corporation's taxable year for federal income tax purposes.