New York Elective Passthrough Entity Tax (PTET) General Questions.
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What is some general background information regarding PTET credit?
- CCH ProSystem fx Tax
- CCH Axcess Tax
- CCH Axcess
- New York
What is New York PTET?
- New York’s 2021-2022 Budget Act (including S2509C/A3009C, among other bills) enacted on April 19, 2021, includes a new elective pass-through entity tax (PTET).
- This type of tax has been enacted by a number of states and is generally designed in response to the $10,000 cap on the federal state and local tax (SALT) deduction as added by the Tax Cuts and Jobs Act (TCJA) in 2017.
PTET may be filed online through the Business Online Services account.