NY S00625

Extends the deadline for partnerships and S corporations to make annual pass-through entity tax (PTET) elections from March 15 to September 15 of the taxable year

Establishes a tiered estimated tax payment schedule based on when the election is made: elections by March 15 require four equal 25% quarterly installments; elections between March 15 and June 15 require catching up with 25% at election plus three remaining quarterly payments

Elections made between June 15 and September 15 require a 50% payment at election time, followed by two 25% quarterly payments on September 15 and December 15

Elections made on September 15 require a 75% payment at election time, followed by one 25% payment on December 15

Applies to both state-level and New York City pass-through entity taxes, effective for taxable years beginning on or after January 1, 2026