Relates to the timing of annual tax elections

Latest action Mar 10, 2026

Relates to the timing of annual tax elections and the amount of the required installments.

Not chosen yet

Where it stands

Out of committee and scheduled for a vote by the full chamber.

Introduced
In committee
Up for a vote
Passed one chamber
Passed
Enacted

New York State Senate

Same as A1989, the matching bill in the Assembly.

Amends the Tax Law.

Committee

Investigations And Government Operations · New York State Senate

Also referred to Ways and Means · New York State Assembly.

Purpose, from the sponsor's memo

This bill would amend the tax law to allow a taxpayer to make the PTET election by September 15 of the tax year to which the election applies. Current law requires the election to be made by March 15 of the tax year.

Filed with the bill. Read it on nysenate.gov (opens in a new tab)

Recorded votes

Vote: Committee vote · Investigations And Government Operations
Senate Investigations And Government OperationsMar 10, 2026Result: passed
(7) (0) (0) (0)
Vote: Committee vote · Investigations And Government Operations
Senate Investigations And Government OperationsFeb 3, 2025Result: passed
(7) (0) (0) (0)

Cosponsors

Nathalia Fernandez and Sam Sutton

Democratic2

See the full list on nysenate.gov

The sponsor's argument

Why James Skoufis says this is needed

This legislation extends the deadline for eligible taxpayers to make the Pass-Through Entity Tax (PTET) election from March fifteenth to Septem- ber fifteenth of the applicable tax year. This change grants existing taxpayers additional time to evaluate the election's impact and enables unincorporated businesses established after March 15th to participate in the PTET program within the same tax year. Enacted initially at the state level in 2021, the PTET was designed to restore federal deductibility of state taxes on business income paid under the personal income tax, benefiting Subchapter S corporations, partnerships, and limited liability companies (LLCs). Since its adoption, the program has supported nearly one hundred thousand primari- ly small, unincorporated businesses. This targeted amendment provides taxpayers with a more flexible election period, aligning New York's approach with the majority of states. Currently, thirty of the thirty-three states with a PTET mechanism offer longer election windows than New York. By implementing this change, the legislation enhances accessibility to the program while ensuring that taxpayers have sufficient time to make informed decisions regarding their tax obligations.

This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.

Full history

Mar 10, 2026
Reported out of committee
REPORTED AND COMMITTED TO FINANCE
NY Senate
Jan 7, 2026
Referred to committee
REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
NY Senate
Jan 7, 2026
Referred to committee
REFERRED TO WAYS AND MEANS
NY Assembly
Mar 28, 2025
Amend and Recommit to Finance
AMEND AND RECOMMIT TO FINANCE
NY Senate
Mar 13, 2025
Amend and Recommit to Ways and Means
AMEND AND RECOMMIT TO WAYS AND MEANS
NY Assembly

Show full history (3 earlier events)

Feb 3, 2025
Reported out of committee
REPORTED AND COMMITTED TO FINANCE
NY Senate
Jan 14, 2025
Referred to committee
REFERRED TO WAYS AND MEANS
NY Assembly
Jan 8, 2025
Referred to committee
REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
NY Senate

About this record

Summary: The summary comes from NY Open Legislation, the New York State Senate's public record. For more, see How we handle summaries.
Cosponsors: The list shows the cosponsors who are on Agora, A to Z. The official record may list more.
Party colors: Parties are shown in the same neutral colors.
Source: From NY Open Legislation, the NY Senate and Assembly, and official rosters. This record was last updated Oct 31, 2026. About our data

Read the record

Read on NY Senate (opens in a new tab) The official record on nysenate.gov.

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