New York S00625 amends tax law to adjust the timing and amount of required installments for annual tax elections.

New York S00625 modifies the tax law to change the timing and amount of required installments for annual tax elections. Electing partnerships and S corporations must now make estimated tax payments in four equal installments on March 15th, June 15th, September 15th, and December 15th. The amount of each installment is 25% of the required annual payment. The bill also specifies the percentage of the annual payment to be made with the election, depending on the timing of the election. The changes apply to taxable years beginning on or after January 1, 2026.

New York S00625 amends tax law to adjust the timing and amount of required installments for annual tax elections.

New York S00625 modifies the tax law to change the timing and amount of required installments for annual tax elections. Electing partnerships and S corporations must now make estimated tax payments in four equal installments on March 15th, June 15th, September 15th, and December 15th. The amount of each installment is 25% of the required annual payment. The bill also specifies the percentage of the annual payment to be made with the election, depending on the timing of the election. The changes apply to taxable years beginning on or after January 1, 2026.