Tax Law Changes In The New York State Budget Act, Part 2

In early spring of 2016, Governor Cuomo of New York signed into law the 2016-2017 Budget Act (S6409C/A9009C) (“Budget Act” or “Act”). This legislation includes amendments to the New York tax reform legislation contained in the 2014-2015 New York State Budget and the New York City tax reform legislation contained in the 2015-2016 New York State Budget. It also contains provisions which affect certain state credits and incentives, and state sales tax provisions. This is the second part of a three-part series summarizing some of the more significant provisions of the Budget Act.

Change in due dates for filing

The Budget Act conforms certain New York State and New York City tax return due dates to the recently amended federal income tax return due dates. For reasons related to the filing of federal income taxes, the required due dates for filing calendar year corporate and partnership returns for tax years beginning after December 31, 2015 have changed. For calendar-year taxpayers, federal corporate returns will be due April 15th and federal partnership returns will be due March 15th. The federal S corporation return due date of March 15th for a calendar-year taxpayer is still the same and has not changed.

For New York State purposes, calendar-year federal S corporations that have not elected to be treated as “New York S corporations” must file a return by April 15th, a month later than the federal calendar-year S corporation return due date of March 15th. Calendar-year federal S corporations that have elected to be treated as “New York S corporations” still have the same filing deadline of March 15th.

Again, note that the due date to file New York City returns for federal S corporations, which are taxed as corporations under the pre-2015 New York City tax reform provisions, is still March 15th and has not changed for calendar-year taxpayers.

Other changes include:

  • The Act changes the due date of the partnership, LLC and limited liability partnership payment forms to the fifteenth day of the third month following the close of the tax year for tax years beginning on or after January 1, 2016;
  • The Act moves the filing/payment date of the New York City Unincorporated Business Tax from the fifteenth day of the fourth month following the close of the tax year to the fifteenth day of the third month following the close of the tax year for tax years beginning on or after January 1, 2016;
  • The Budget Act extends New York’s current e-filing requirements until December 31, 2019; and
  • The Budget Act extends New York’s disclosure and other requirements related to “listed transactions” and “reportable transactions” until July 1, 2019.

Business owners in the New York area must stay well versed in both state and federal tax law. If you have any questions related to New York State or federal tax law, call THE TAX EXPERTS at the Thorgood Law Firm www.thorgoodlaw.com. For a FREE consultation, call 212-490-0704.Tax Law Changes In The New York State Budget Act, Part 2

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