New York's Optional Pass-Through Entity Tax Guidance and Application Now Available
The New York State Tax Department has issued a technical memorandum and webpage to provide information on the new optional pass-through entity tax (PTET) that partnerships or New York S corporations may annually elect to pay on certain income for tax years beginning on or after Jan. 1, 2021. TSB-M-21(1)C, (1)I, Pass-Through Entity Tax, summarizes the provisions of the optional PTET under Tax Law Article 24-A.
The PTET Annual Election application is now available. If you're an authorized person, you can opt in to PTET on behalf of an eligible entity through the entity's Online Services account.
For more information, visit Pass-through entity tax (PTET) or subscribe to New York's Pass-through entity tax email topic for updates.