For the 2022 tax year only, the deadline for making the New York State Pass-Through Entity Tax election has been extended to September 15, 2022. This update, signed on May 6 by New York Governor Kathy Hochul, will allow taxpayers who missed the original March 15 deadline to take advantage of the state’s PTET program.
It is expected that the NYS Department of Taxation and Finance will issue guidance shortly and update the Online Services portal which will enable the elections to be made by an authorized person. Tax professionals are not permitted to make the election on behalf of their clients.
Entities making the late elections will need to make catch up estimated payments when the elections are made.
Janover is diligently following all PTET updates and will communicate more information as it is released. For further details about the optional program, including who is eligible and how to claim the PTET credit, see this informational page on the NYSDTF website. For information about the New York State and New York City PTET updates passed with the 2022-2023 budget, read our article here. To speak with a Janover professional about the PTET program or to see if you are eligible, contact a member of our team today.