§ 11-519 Report of change in federal or New York state taxable income.
AC § 11-519
(a)If the amount of a taxpayer's federal or New York state taxable income reported on such taxpayer's federal or New York state income tax for any taxable year is changed or corrected by the United States internal revenue service or the New York state tax commission or other competent authority, or as the result of a renegotiation of a contract or subcontract with the United States or the state of New York, or if a taxpayer, pursuant to subsection (d) of section sixty-two hundred thirteen of the internal revenue code, executes a notice of waiver of the restrictions provided in subsection (a) of said section, or if a taxpayer, pursuant to subsection (f) of section six hundred eighty-one of the tax law, executes a notice or waiver of the restrictions provided in subsection (c) of such section of the tax law, the taxpayer shall report such change or correction in federal or New York state taxable income or such execution of such notice of waiver and the changes or corrections of the taxpayer's federal or New York state taxable income on which it is based, within ninety days after the final determination of such change, correction, or renegotiation, or such execution of such notice of waiver, or as otherwise required by the commissioner of finance, and shall concede the accuracy of such determination or state wherein it is erroneous. Any taxpayer filing an amended federal or New York state income tax return shall also file within ninety days thereafter an amended return under this chapter, and shall give such information as the commissioner of finance may require.
(b)A taxpayer that is a partner in a partnership that is required to report a change or correction in its federal or New York state taxable income pursuant to subdivision (a) of this section shall report its distributive share of such change or correction as if such change or correction was made directly to such taxpayer's federal or New York state taxable income.
(c)Any taxpayer subject to an alternative adjustment action, or that is a partner in a partnership subject to an alternative adjustment action, shall report such alternative adjustment action within ninety days after the alternative adjustment action occurs, as applicable, regardless of the tax impact of such action. The commissioner of finance may require such report to be filed electronically. Such report shall include the identity of any partners of such taxpayer, as applicable, and any other information as the commissioner of finance deems necessary in order to determine the impact of such alternative adjustment action.
(d)The commissioner of finance may prescribe such exceptions to the requirements of this section as such commissioner deems appropriate to facilitate the administration of this section. {Am. 2025 N.Y. Laws Ch. 59, 5/9/2025, eff. 8/7/2025)
