Transcription of Pass-Through Entity Tax
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Pass-Through Entity Tax
W A Harriman Campus, Albany NY 12227 Technical Memorandum TSB-M-21(1)C, (1)I Corporation Tax Income Tax August 25, 2021 Pass-Through Entity Tax The Pass-Through Entity tax (PTET) under new Tax Law Article 24-A1 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. If a partnership or New York S corporation elects to pay PTET, partners, members, or shareholders of an electing partnership or New York S corporation ( electing Entity ) who are subject to tax under Article 22 may be eligible for a PTET credit on their New York State income tax returns. Who may make the election Only an authorized person may make this election on behalf of an eligible partnership or S corporation. If the Entity is: Authorized persons include: a New York S corporation any officer, manager, or shareholder of the New York S corporation who is authorized under the law of the state where the corporation is incorporated or under the S corporation s organizational documents to make the election and who represents to having that authorization under penalty of perjury.
$ 137,000 plus 9.65 % of the excess of PTE taxable income greater than$ 2 million. greater than $5 million but less than or equal to $25 million $426,500 plus 10.30% of the excess of PTE taxable income greater than$5 million. Greater than $25 million $2,486,500 plus 10.90% of the excess of PTE taxable income greater than$25 million.
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