2023 New York Laws › TAX - Tax › Article 24-B - City Pass-Through Entity Tax › 872 - Filing of Return and Payment of Tax.

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