Income/Franchise:
New York: New Law Extends Election Deadline for TY 2022 Pass-through Entity Tax to September 15
SB 8948, signed by gov. 5/6/22. New law includes amendments to certain provisions enacted in New York’s 2022-2023 Budget Act [see AB 9009-C / SB 8009-C, signed by gov. 4/9/22, and previously issued Multistate Tax Alert for more details on the 2022-2023 Budget Act] specific to New York State’s Pass-through Entity Tax (“NYS PTET”). These amendments extend the 2022 NYS PTET election due date from March 15, 2022 to September 15, 2022 for eligible partnerships and New York S corporations; this is a one-time, six-month extension from the statutory March 15th deadline required under Article 24-A. The amendments also clarify estimated tax payment requirements for tax year 2022 based on the extended NYS PTET election date.
See forthcoming Multistate Tax Alert for more details on these newly enacted amendments, and please contact us with any questions in the meantime.
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