N.Y. Tax Law § 861: Pass-through entity tax election

§ 861. Pass-through entity tax election. (a) Any eligible partnership

or eligible S corporation shall be allowed to make an annual election to

be taxed pursuant to this article.

(b) In order to be effective, the annual election must be made (1) if

the entity is an S corporation, by any officer, manager or shareholder

of the S corporation who is authorized under the law of the state where

the corporation is incorporated or under the S corporation's

organizational documents to make the election and who represents to

having such authorization under penalty of perjury; or (2) if the entity

is not an S corporation, by any member, partner, owner, or other

individual with authority to bind the entity or sign returns pursuant to

section six hundred fifty-three of this chapter.

(c) The annual election must be made on or before the due date of the

first estimated payment under section eight hundred sixty-four of this

article and will take effect for the current taxable year. Only one

election may be made during each calendar year. An election made under

this section is irrevocable after the due date.

(d) Special rules for electing S corporations. (1) An electing S

corporation must certify at the time of its election that all

shareholders are residents of New York for purposes of article

twenty-two of this chapter to be considered an electing resident S

corporation.

(2) If an electing S corporation does not make a certification under

paragraph one of this subsection at the time of its election, the

electing S corporation is automatically treated as an electing standard

S corporation.

(3) If an electing S corporation makes a certification under paragraph

one of this subsection to be an electing resident S corporation, this

certification is irrevocable as of the due date of the election.