Bloomberg Tax
Aug. 21, 2023, 5:56 PM

New York Updates Guidance for State and City SALT Workarounds

Danielle Muoio Dunn
Danielle Muoio Dunn

New York added new guidance for individuals planning to take advantage of the state’s pass-through entity tax, a move that “may impact PTET returns and payments” that are due in September, according to the state Department of Taxation and Finance.

The changes, published last Friday, include a new section stating that the optional tax can be “revoked at any time up until the due date of the first estimated payment.” Tax officials last week also made new additions to the state’s section on “frequently asked questions about the pass-through entity tax” and updated the list of states that offer a ...

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