{"id":253795,"date":"2021-09-07T13:30:05","date_gmt":"2021-09-07T08:00:05","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=253795"},"modified":"2021-09-07T11:11:53","modified_gmt":"2021-09-07T05:41:53","slug":"new-york-new-guidance-on-pass-through-entity-tax","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/09\/07\/new-york-new-guidance-on-pass-through-entity-tax\/","title":{"rendered":"New York | New guidance on Pass through Entity Tax"},"content":{"rendered":"<p style=\"text-align: justify;\">New York Department of Tax and Finance has issued a new guidance on Pass through Entity Tax on August 25, 2021. The PTET is 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.<\/p>\n<p>&nbsp;<\/p>\n<h3 style=\"text-align: justify;\"><span style=\"color: #800000;\">Key points of the guidance are:<\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>For 2021, the election must be made by October 15, 2021 and once made it is irrevocable for the year. From 2022 onwards, the annual election must be made by March 15 of the year for which the election is made.<\/li>\n<li>Electing entities will have the option to make estimated tax payments prior to December 31, 2021. An online form will be made available for this purpose by December 15, 2021.<\/li>\n<li>A direct partner, member, or shareholder eligible to claim the credit means one to whom the electing entity issues a federal Schedule K-1.<\/li>\n<li>The guidance states that a partnership cannot include in its PTE taxable income amounts distributed to direct partners, such as partnerships or other entities that are not subject to PIT, even if the income is ultimately taxable to a partner or member through tiered partnerships.<\/li>\n<li>The PTE credit must be claimed on the owner\u2019s separate New York State tax returns; it cannot be claimed on a group return.<\/li>\n<li>Owners who are New York State residents are also allowed a resident tax credit for \u201csubstantially similar\u201d PTE taxes imposed by other states and localities. The Department says it will post on its website a list of substantially similar taxes that qualify for a resident tax credit.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">\n<hr \/>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">*Tanvi Singh, Editorial Assistant has reported this brief.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York Department of Tax and Finance has issued a new guidance on Pass through Entity Tax on August 25, 2021. The <\/p>\n","protected":false},"author":121,"featured_media":209649,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[14,4],"tags":[46935,3211,40522,2621],"class_list":["post-253795","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-foreign","category-legislationupdates","tag-entity-tax","tag-Finance","tag-new-york","tag-Tax"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>New York | New guidance on Pass through Entity Tax | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2021\/09\/07\/new-york-new-guidance-on-pass-through-entity-tax\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New York | New guidance on Pass through Entity Tax\" \/>\n<meta property=\"og:description\" content=\"New York Department of Tax and Finance has issued a new guidance on Pass through Entity Tax on August 25, 2021. 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2021","format":false,"excerpt":"On December 13, 2021, the Finance Department of Gujarat on December 13, 2021 has issued the Gujarat Goods and Services Tax (Ninth amendment) Rules, 2021 to further amend the Gujarat Goods and Services Tax rules 2017. The Rules came into force on December 01, 2021. \u00a0 The amendment modifies FORM\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/09\/gst.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/09\/gst.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/09\/gst.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/09\/gst.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/09\/gst.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":246246,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/03\/29\/finance-act-2021-receives-presidents-assent\/","url_meta":{"origin":253795,"position":1},"title":"Finance Act, 2021 receives President&#8217;s assent","author":"Bhumika Indulia","date":"March 29, 2021","format":false,"excerpt":"On March 28, 2021, the Finance Act received President's assent in order to give effect to the financial proposals of the Central Government for the financial year 2021-2022 INCOME TAX Income-tax shall be charged at the rates specified in Part I of the First Schedule and such tax shall be\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/03\/FINANCE-ACT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/03\/FINANCE-ACT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/03\/FINANCE-ACT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/03\/FINANCE-ACT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/03\/FINANCE-ACT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":254107,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/09\/13\/income-tax-28th-amendment-rules-2021\/","url_meta":{"origin":253795,"position":2},"title":"Income tax (28th Amendment) Rules, 2021","author":"Prachi Bhardwaj","date":"September 13, 2021","format":false,"excerpt":"The Ministry of Finance has issued the Income tax (28th Amendment) Rules, 2021 on September 10, 2021, to further amend the Income-tax Rules, 1962. The Income-tax (28th Amendment) Rules, 2021 shall come into force from April 1, 2021 and shall be applicable for the assessment year 2022-23 and subsequent assessment\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-182.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-182.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-182.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-182.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-182.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":250729,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/07\/03\/income-tax-amendment-18th-amendment-rules-2021\/","url_meta":{"origin":253795,"position":3},"title":"Income tax Amendment (18th Amendment), Rules, 2021","author":"Prachi Bhardwaj","date":"July 3, 2021","format":false,"excerpt":"The Central Board of Direct Taxes has notified Income Tax Amendment (18th Amendment), Rules, 2021 on July 2, 2021. It further amends the Income-tax Rules, 1962 in the following manner: In rule 8AA, after sub-rule (4), the following sub-rule shall be inserted, namely:- (5). In case of the amount which\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/07\/TAX_NEW.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/07\/TAX_NEW.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/07\/TAX_NEW.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/07\/TAX_NEW.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/07\/TAX_NEW.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":254058,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/09\/10\/taxation-laws-amendment-act-2021\/","url_meta":{"origin":253795,"position":4},"title":"Taxation Laws (Amendment) Act, 2021","author":"Bhumika Indulia","date":"September 10, 2021","format":false,"excerpt":"The Ministry of Finance has passed the Taxation Laws (Amendment) Act, 2021 on August 13, 2021. The Act amends the Income Tax Act, 1961 and the Finance Act, 2012. Key amendments under the Act are: Levy of Tax on income earned from the sale of shares outside India:\u00a0 Under the\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-182.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-182.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-182.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-182.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-182.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":258315,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/12\/10\/tripura-value-added-tax-eighth-amendment-rules-2021\/","url_meta":{"origin":253795,"position":5},"title":"Tripura Value Added Tax (Eighth Amendment) Rules, 2021","author":"Bhumika Indulia","date":"December 10, 2021","format":false,"excerpt":"On December 07, 2021, the Government of Tripura has issued the Tripura Value Added Tax (Eighth Amendment) Rules, 2021 in order to amend Tripura Value Added Tax Act, 2004. Key points: A new Rule 45A has been inserted which provides : Every registered dealer whose gross turnover in a year\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/07\/TAX_NEW.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/07\/TAX_NEW.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/07\/TAX_NEW.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/07\/TAX_NEW.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/07\/TAX_NEW.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/253795","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/121"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=253795"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/253795\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/209649"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=253795"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=253795"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=253795"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}