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New York Codes Rules Regulations (Last Updated: March 27,2024) |
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TITLE 20. Department of Taxation and Finance |
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Chapter II. Income Taxes and Estate Taxes |
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Subchapter A. New York State Personal Income Tax Under Article 22 of the Tax Law |
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Article 2. Residents |
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Part 120. Resident Credits for Income Taxes of Another State, a Political Subdivision of Another State, the District of Columbia, or a Province of Canada |
Sec. 120.5. S corporation shareholders
Latest version.
- Tax Law, § 620(d)For a shareholder of an S corporation, the term income tax in section 120.1(a) of this Part does not include any tax imposed upon or paid by the corporation, but does include any such tax imposed upon or payable by the shareholder to another jurisdiction calculated on the income of the corporation, regardless of whether the corporation is an S corporation in the other state by virtue of a separate state election or in conformity with the Federal election.