Nys budget calendar 201611/23/2023 ![]() This provision relating to the second preceding year's tax applies to amounts due to be paid on or after March 15, 2017. The Final Bill further amends the computation of the first installment estimated tax payment by requiring the taxpayer to look to the second preceding year's tax rather than the preceding year's tax to determine the amount of the first installment. For fiscal-year filers, the Final Bill requires the NYS payment to be paid on or before the 15th day of the third month of the privilege period, and within two and one-half months after the close of each fiscal year for NYC purposes. For tax years beginning on or after January 1, 2016, however, the Final Bill amends this NYS and NYC mandate and requires the first installment to be paid on or before March 15th for calendar-year taxpayers. Under existing rules, mandatory first installment estimated tax payments for NYS and NYC purposes must be made on a taxpayer's return or extension. For fiscal-year filers, NYS corporate franchise tax returns are due on or before the 15th day of the fourth month after the close of their fiscal year, and partnership and NYC corporate franchise tax returns are due within three and one-half months after the close of their fiscal year. 1 These due dates are the reverse of the current due dates for these taxes. The Final Bill provides that, for tax years beginning on or after January 1, 2016, NYS and NYC corporate franchise tax returns are due April 15th for calendar-year taxpayers and March 15th for NYC unincorporated business tax filers and NYS partnerships, which have resident partners or income derived from New York sources. This schedule also shows whether the Final Bill contains a similar amendment to the NYC Administrative Code and thus, applies for New York City corporate tax purposes as well.Ĭonformity with new federal tax filing dates ![]() Attached to this Alert is a summary comparison schedule showing whether the amendments proposed in the Governor's, Senate's and/or Assembly's Bills were ultimately included and enacted in the Final Bill. ![]() ![]() The most significant corporate tax related provisions in the Final Bill include: conformity to the new federal tax filing dates, extension of the tax shelter reporting requirements, amendments to the definition of Qualified Financial Instrument (QFI), and amendments to the special bank subtractions. See Tax Alerts 2016-149 discussing the Governor's Bill introduced on Januand the Senate's and Assembly's Bills introduced on March 12, 2016, respectively. On April 13, 2016, New York State Governor Andrew Cuomo signed the FY 2016-17 revenue-related budget bill, A9009-C / S6409-C, (hereinafter, Final Bill) that includes substantive and technical amendments to New York State (NYS) and New York City (NYC) corporate tax reform as previously enacted in 20 (A. New York enacts budget legislation including substantive and technical changes to NYS and NYC corporate tax reform ![]()
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