New York State Pass-Through Entity Tax (PTET) Election for 2022 Due March 15th
Over the past few weeks, the New York State Department of Taxation has provided updates on Pass-Through Entity Taxes (PTET), which are designed to ameliorate the $10,000 limitation on personal state and local tax deductions enacted in the Tax Cuts and Jobs Act of 2017.
New York State first introduced the PTET provisions in the 2021 tax year, based on an election date of October 15, 2021. After year-end 2021, the PTET election will be required on an annual basis due in March.
If you’re not yet familiar with the PTET, please click on the links below to articles that we have written on it:
Other important facts and dates related to the New York PTET include the following:
The information presented here should not be construed as legal, tax, accounting, or valuation advice. No one should act on such information without appropriate professional advice and after a thorough examination of the particular situation.