Legislation amending the New York City pass-through entity tax (PTE tax) has passed both houses of the New York State Legislature and was signed by the governor on Aug. 31. The 2022 New York City PTE tax regime broadly mirrors the PTE tax regime enacted for the state and requires taxpayers to have made a New York state PTE tax election by Sept. 15, 2022, for the New York City PTE tax election to be accepted by the city.
New York City pass-through entity tax
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Following are relevant considerations for taxpayers who would be eligible to make the election:
- The legislation applies to taxpayers required to file New York City unincorporated business tax returns and S corporations that are required to file New York City business general corporation tax returns.
- The legislation directs partners, members, or shareholders that are taxpayers in New York City to make their 2022 individual estimated city income tax payments as if no New York City PTE tax is paid.
- The New York City PTE tax is 3.876%.
The energy and climate-related tax credits under the newly passed Inflation Reduction Act of 2022 include billion of dollars in tax incentives.
The Inflation Reduction Act of 2022 includes several tax revenue raisers, including funding to help the IRS with enforcement and upgrading technology.
The energy and climate-related tax credits under the newly passed Inflation Reduction Act of 2022 include billion of dollars in tax incentives.
The Inflation Reduction Act of 2022 includes several tax revenue raisers, including funding to help the IRS with enforcement and upgrading technology.
Our experienced tax professionals can help you tackle your most pressing tax challenges. Contact the Crowe tax team today.
