S 625 New York Senate · 2025 Regular Session

Relates to the timing of annual tax elections

This bill changes the deadline and payment schedule for businesses (specifically electing partnerships and S corporations) to make annual tax elections. It sets September 15th as the final deadline to file an election for the current tax year, after which it becomes final. Businesses filing by March 15th pay four equal installments, while later filings require larger upfront payments (25% to 75%) with fewer subsequent payments. These rules affect how and when eligible businesses must pay estimated taxes to avoid penalties.

Bill status in committee 1 of 4 stages cleared

Introduction

Jan 2025

Committee Review

Floor Vote

Governor

Introduced Jan 8, 2025 Last action Mar 10, 2026

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What changed between versions

S625 → S625A · 4 edits

MODERATE

This bill amends the New York tax law to change when taxpayers must make estimated tax payments and file elections for partnerships and S corporations. The key change is moving the election deadline from the due date of the first estimated payment to September 15th of the taxable year, and adjusting payment schedules based on when the election is made.

Scope change

The bill applies to electing partnerships and electing S corporations, as well as electing city partnerships and electing city resident S corporations subject to city tax.

TIMELINE

Changed the deadline for making the annual election from the due date of the first estimated payment to September 15th of the taxable year.

Changed the irrevocability deadline for elections from the due date to September 15th of the taxable year.

REQUIREMENT

Modified payment schedules for estimated taxes based on when the election is made, with different payment amounts required depending on whether the election is made before March 15, between March 15 and June 15, between June 15 and September 15, or on September 15.

Removed the requirement that estimated tax payments be made in four equal installments, allowing for variable payment amounts based on election timing.

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Full legislative history

Actions timeline

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Key actions

Committee

Amendments

Mar 10, 2026

Committee

REPORTED AND COMMITTED TO FINANCE

upper

Jan 7, 2026

Committee

REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

upper

Mar 28, 2025

Upper · Passed

PRINT NUMBER 625A

upper

Mar 28, 2025

Upper · Passed

AMEND AND RECOMMIT TO FINANCE

upper

Feb 3, 2025

Committee

REPORTED AND COMMITTED TO FINANCE

upper

Jan 8, 2025

Committee

REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

upper

1 primary · 2 co-sponsors