New York Consolidated Laws, Tax Law - TAX § 867. Definitions

(a) City pass-through entity tax.  City pass-through entity tax means the total tax imposed by this article on an electing city partnership or an electing city resident S corporation.

(b) City pass-through entity taxable income.  City pass-through entity taxable income means:

(c) City resident individual.  City resident individual has the same meaning as that term is defined in subsection (a) of section thirteen hundred five of this chapter.

(d) City taxable income.  City taxable income has the same meaning as that term is defined in section thirteen hundred three of this chapter.

(e) City taxpayer.  A city taxpayer means:

(f) Direct share of city pass-through entity tax.  Direct share of city pass-through entity tax means the portion of city pass-through entity tax calculated on city pass-through entity taxable income of a city taxpayer who is a partner or member of the electing city partnership or a city taxpayer who is a shareholder of the electing city resident S corporation.

(g) Electing city partnership.  Electing city partnership means any eligible partnership that made a valid, timely election pursuant to section eight hundred sixty-eight of this article.

(h) Electing city resident S corporation.  Electing city resident S corporation means any eligible resident S corporation that made a valid, timely election pursuant to section eight hundred sixty-eight of this article.

(i) Eligible city partnership.  Eligible city partnership means any partnership as provided for in section 7701(a)(2) of the Internal Revenue Code that has a filing requirement under paragraph one of subsection (c) of section six hundred fifty-eight of this chapter other than a publicly traded partnership as defined in section 7704 of the Internal Revenue Code, where at least one partner or member is a city taxpayer.  An eligible city partnership includes any entity, including a limited liability company, treated as a partnership for federal income tax purposes that otherwise meets the requirements of this subsection.

(j) Eligible city resident S corporation.  Eligible city resident S corporation means any New York S corporation as defined pursuant to subdivision one-A of section two hundred eight of this chapter that is subject to tax under section two hundred nine of this chapter that has only city taxpayer shareholders.  An eligible city resident S corporation includes any entity, including a limited liability company, treated as an S corporation for federal income tax purposes that otherwise meets the requirements of this subsection.

(k) Taxable year.  An electing city partnership's or electing city resident S corporation's taxable year pursuant to this article shall be the same as the electing city partnership's or electing city resident S corporation's taxable year for federal income tax purposes.