Generally yes.  But as you may be aware, NYS does not automatically recognize federal election for S corp.  NYC, on the other hand, does not recognize s corp election at either the federal or state level altogether.  This means your client's S corp will likely be subject to NYC CGT.

Luckily, VA Admin Code permits credit to be claimed for state income tax paid by an s corp to another state that does not recognize the federal S election and attributes such taxes to the individual shareholders.