New York bill A01989 amends tax law to adjust the timing and amounts of required tax installments for electing city partnerships and S corporations.

New York bill A01989 modifies the tax law to change the timing and amounts of required tax installments for electing city partnerships and S corporations. The bill specifies that these entities must make estimated tax payments in four equal installments if their election is made on or before March 15th. If the election is made between March 16th and June 15th, the first installment represents 25% of the required annual payment, with subsequent installments due on June 15th, September 15th, and December 15th, each representing 25% of the annual payment.

New York bill A01989 amends tax law to adjust the timing and amounts of required tax installments for electing city partnerships and S corporations.

New York bill A01989 modifies the tax law to change the timing and amounts of required tax installments for electing city partnerships and S corporations. The bill specifies that these entities must make estimated tax payments in four equal installments if their election is made on or before March 15th. If the election is made between March 16th and June 15th, the first installment represents 25% of the required annual payment, with subsequent installments due on June 15th, September 15th, and December 15th, each representing 25% of the annual payment.