Last month we reported on recent legislative amendments to New York’s pass-through entity tax (“PTET”). To read that article, click here. It turns out the New York legislature is not done making amendments to the PTET.
Like us, the Legislature must have heard from a number of pass-through entities that missed the March 15, 2022 deadline to elect into New York State’s SALT cap workaround for 2022. In an unusually swift and taxpayer-friendly move, the Legislature has introduced a bill that will extend the March 15 deadline to September 15, 2022. And in even better news, as of May 3, 2022, both the Assembly and the Senate passed the bill and we understand the Governor is expected to sign the bill into law.
The bill also makes adjustments to the estimated payment deadlines for entities that take advantage of the extension, but we’ll save reporting on those items until the amendment is official.
