April 29, 2021

It’s Personal: Planning for New York’s Pass-Through Entity Tax

Share

New York taxpayers generally do not greet new taxes with enthusiasm, but New York’s new pass-through entity tax (“PET”) is poised to provide some relief to rising personal tax rates—and an exception to this rule. After exploring ways to help individuals manage the federal $10,000 limitation on state and local tax deductions, New York has enacted a new, elective, entity-level tax on pass-through entities that has the potential to provide a federal tax deduction that more than offsets the cost of Personal Income Tax increases in the 2021-2022 State budget. This Legal Update discusses the mechanics of PET and how to take advantage of it.

Resource Downloads

Stay Up To Date With Our Insights

See how we use a multidisciplinary, integrated approach to meet our clients' needs.
Subscribe