N.Y. Tax Law § 868: City pass-through entity tax election

§ 868. City pass-through entity tax election. (a) Any eligible city

partnership that makes the annual election to be taxed pursuant to

article twenty-four-A of this chapter in accordance with section eight

hundred sixty-one of this chapter or any eligible city resident S

corporation that makes the annual election to be taxed pursuant to

article twenty-four-A of this chapter as an electing resident S

corporation in accordance with section eight hundred sixty-one of this

chapter may make an annual election to be taxed pursuant to this article

for the same taxable year for which such eligible city partnership or

eligible city resident S corporation has made an election to be taxed

pursuant to article twenty-four-A of this chapter. The election to be

taxed pursuant to this article must be made by the due date as specified

in subsection (c) of section eight hundred sixty-one of this chapter and

in the same manner as the election to be taxed pursuant to article

twenty-four-A of this chapter.

(b) In order to be effective, the annual election to be taxed pursuant

to this article must be made by an individual as described in subsection

(b) of section eight hundred sixty-one of this chapter who made the

annual election to be taxed pursuant to article twenty-four-A of this

chapter for the taxable year.

(c) The annual election to be taxed pursuant to this article must be

made on or before the due date of the first estimated payment under

section eight hundred sixty-four of this chapter and will take effect

for the current taxable year. Only one election to be taxed pursuant to

this article may be made during each calendar year. An election made

under this section is irrevocable after such due date. To the extent an

election made under section eight hundred sixty-one of this chapter is

revoked or otherwise invalidated an election made under this section is

automatically invalidated.