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

§ 868. City pass-through entity tax election. (a) Any eligible city\npartnership that makes the annual election to be taxed pursuant to\narticle twenty-four-A of this chapter in accordance with section eight\nhundred sixty-one of this chapter or any eligible city resident S\ncorporation that makes the annual election to be taxed pursuant to\narticle twenty-four-A of this chapter as an electing resident S\ncorporation in accordance with section eight hundred sixty-one of this\nchapter may make an annual election to be taxed pursuant to this article\nfor the same taxable year for which such eligible city partnership or\neligible city resident S corporation has made an election to be taxed\npursuant to article twenty-four-A of this chapter. The election to be\ntaxed pursuant to this article must be made by the due date as specified\nin subsection (c) of section eight hundred sixty-one of this chapter and\nin the same manner as the election to be taxed pursuant to article\ntwenty-four-A of this chapter.\n (b) In order to be effective, the annual election to be taxed pursuant\nto this article must be made by an individual as described in subsection\n(b) of section eight hundred sixty-one of this chapter who made the\nannual election to be taxed pursuant to article twenty-four-A of this\nchapter for the taxable year.\n (c) The annual election to be taxed pursuant to this article must be\nmade on or before the due date of the first estimated payment under\nsection eight hundred sixty-four of this chapter and will take effect\nfor the current taxable year. Only one election to be taxed pursuant to\nthis article may be made during each calendar year. An election made\nunder this section is irrevocable after such due date. To the extent an\nelection made under section eight hundred sixty-one of this chapter is\nrevoked or otherwise invalidated an election made under this section is\nautomatically invalidated.\n