New York State Extends the Due Date to Elect into the optional Pass-Through Entity Tax ("PTET") Regime until September 15, 2022
10 May 2022
New York State pass-through entities now have an additional six months to elect into the optional pass-through entity tax.This extension is only allowable for the 2022 tax year (S.B. 8948).
Below is a summary of the impact to the estimated tax payments based on when the entity makes the election:
This is welcome news given the pending NYS legislation within the NYS Budget bill. Please check out our last article that summarizes the favorable provisions for S Corporations that only have NYS resident shareholders.
Please contact a member of our Tax Team to discuss your specific facts and circumstances in more detail.