N.Y. Comp. Codes R. & Regs. tit. 20 § 2396.2

Current through Register Vol. 46, No. 45, November 2, 2024

Section 2396.2 - Definitions

The definitions provided by section 9 (a) of the Tax Law for commissioner, educational organization, electronic funds transfer (hereinafter referred as "EFT"), health care provider, payment of tax and reconciliation of withholding apply to this Part. In addition, the following terms are defined for the purposes of this Part:

(a) The term automated clearing house (hereinafter referred to as ACH) means any Federal reserve bank, or an organization established by agreement with the National Automated Clearing House Association, which operates as a clearing house for transmitting or receiving entries between banks and/or bank accounts and which authorizes an electronic transfer of funds between such banks or bank accounts.

(b) The term ACH debit means a transaction which the taxpayer initiates by accessing the electronic payment reporting system and which results in the department, through its designated depository bank, originating an entry debiting the taxpayer's bank account and crediting the department's bank account for the amount of a payment of tax.

(c) The term ACH credit means an ACH transaction in which the taxpayer, through its own bank, originates an entry crediting the department's bank account and debiting its own bank account for the amount of a payment of tax.

(d) The term business day means a day other than Saturday, Sunday or the following holidays: New Year's Day, Martin Luther King Jr. Day, Presidents' Day, Memorial Day, Independence Day, Labor Day, Columbus Day, Veterans' Day, Thanksgiving Day and Christmas Day, except that such term shall only including the hours up to 6:00 p.m. (Eastern time) on the last business day before the otherwise applicable due date.

(e) The term department means the Department of Taxation and Finance.

(f) The term electronic payment reporting system means the telephone assistance center and program website accessed by taxpayers in order to initiate certain EFT transactions.

(g) The term Federal reserve wire transfer (hereinafter referred to as fedwire) means any transaction utilizing the national electronic payment system to transfer funds through Federal Reserve banks. For purposes of the program, it is similar to an ACH credit in that the taxpayer originates a transaction utilizing the Federal Reserve banking system, debiting its own bank account and crediting the department's bank account for the amount of a payment of tax.

(h) The term otherwise applicable due date means the due date for remittance of a payment of tax prescribed by paragraph (1), (2) or (3) of subsection (a) of section 674 of the Tax Law, as applicable.

(i) The term program means the Electronic Filing and Funds Transfer Program described by this Part.

(j) The term taxpayer means any person qualifying as an employer for Federal income tax withholding purposes and maintaining an office or transacting business within New York State, whether or not a paying agency is maintained within New York State.

(k) The terms withholding tax or withholding taxes mean the taxes required to be deducted and withheld from wages pursuant to part V of article 22 of the Tax Law (New York State personal income tax), or pursuant to an equivalent provision enacted under the authority of Tax Law article 30 (New York City personal income tax on residents), 30-A (City of Yonkers income tax surcharge on residents), or 30-B (City of Yonkers earnings tax on nonresidents).

N.Y. Comp. Codes R. & Regs. Tit. 20 § 2396.2