New York S Corp Election Rules

New York State S Corporation election requirements: State Election Required: Federal S Corp election doesn't automatically apply to NYS. Must file separate NYS Form CT-6 for state S Corp status. Filing Deadlines: New Corporations: File Form CT-6 within 2 months and 15 days of incorporation. Existing C Corps: File within 2 months and 15 days of beginning of tax year election is to be effective. Late Elections: Limited relief available for late filings with reasonable cause. Eligibility Requirements: Same as Federal: Generally follow federal S Corp eligibility rules. NYS Specific: Must be incorporated in NY or qualified to do business in NY. Resident Shareholders: No specific residency requirements for shareholders. Form Requirements: Form CT-6: NYS S Corporation Election form. All Shareholders: Must sign consent to election. Federal Election: Must also have valid federal S Corp election. Annual Filing: Form CT-3-S: NYS S Corporation return due March 15. Extension: Form CT-5 provides 6-month extension. NYC Requirements: Additional Election: Separate NYC S Corp election may be required. Form NYC-1127: NYC S Corporation election form. Revocation: Can revoke election by filing appropriate forms. Must meet federal revocation requirements. Benefits: Pass-through taxation at state level. Avoids NYS corporate income tax on entity.