Relates to the timing of annual tax elections

This bill updates the rules for when businesses must choose to pay taxes in installments instead of waiting for their annual tax return. It directly affects electing partnerships, S corporations, and their city equivalents by changing the deadline for making this election. For tax years starting on or after January 1, 2024, the election must be made by September 15 of that year, whereas previous years allowed the election by the due date of the first payment. The legislation also clarifies how much needs to be paid upfront if the election is made late in the year, requiring a larger initial payment if the choice is made after June 15. Additionally, the bill sets the total amount of required payments at the lower of ninety percent of the current year's tax or one hundred percent of the prior year's tax.