N.Y. Tax Law § 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.