What is some general background information regarding PTET credit?
 

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.

Calculating the PTE taxable income, the PTET, and the credit

• Partnership PTET Worksheet
• S corporation PTET worksheet

PTET may be filed online through the Business Online Services account.

• https://www.tax.ny.gov/bus/ptet/
• https://www.tax.ny.gov/pdf/memos/ptet/m21-1c-1i.pdf

New York Senate ARTICLE 24-A - Pass-through Entity Tax - Tax (TAX) CHAPTER 60

• https://www.nysenate.gov/legislation/laws/TAX/A24-A