The PTET is an optional tax that partnerships or New York S corporations may annually elect to pay on certain income for tax years beginning on or after January 1, 2021.

Aug 22, 2024 · The pass-through entity tax (PTET) is a way for owners of pass-through entities—partnerships, limited liability companies, S corporations—to gain benefit from the state and …

Oct 3, 2025 · Credits Calculations Filings and notices Updated Return to Pass-through entity tax (PTET) or New York City pass-through entity tax (NYC PTET).

Pass-through entityPTE elective taxDo you qualify? PTE tax election When to pay the PTE elective tax How to pay the 1st and 2nd PTE elective tax payments PTE elective tax calculation Tax credit How …

Sep 1, 2024 · Connecticut’s PTET as enacted was mandatory but was amended to be elective in 2023 (beginning with 2024 tax years). A number of states have changed tax rates, changed credit …

PTET regimes, adopted by 36 states following the 2017 Tax Cuts and Jobs Act (TCJA), allow pass-through entities to pay state taxes at the entity level, which are then deductible on federal returns, …

For the purposes of the PTET, any separately stated item of deduction that is subject to a federal limitation, such as the deduction for charitable contributions and the Section 179 deduction, is limited …

Feb 23, 2025 · PTET is a state-imposed tax on pass-through entities. It allows these businesses to pay New York state income taxes at the entity level rather than through individual tax returns.

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What is the pass-through entity tax (PTET)? Find out if you qualify for PTET elections on your pass-through business income.