Relates to the timing of annual tax elections

This bill changes the deadline for partnerships and S corporations to elect annual tax payment schedules, requiring the election to be made by September 15th each year. It affects electing partnerships, S corporations, and city partnerships/resident S corporations by establishing specific payment schedules based on when the election is filed: earlier filings trigger four equal installments, while later filings require larger initial payments (25% to 75%) with fewer subsequent payments. The bill specifies that elections made after March 15th must include a larger initial payment proportional to the timing of the filing, with all payments due by December 15th. The required annual payment amount is based on the lesser of 90% of current-year tax or 100% of prior-year tax.