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If you have not yet made the election for 2022, you may opt in to the New York State PTET through September 15, 2022, using the Pass-Through Entity Tax Annual Election application. You must make an estimated payment when you opt in.
Do not wait until the deadline to opt in. Some taxpayers may need assistance from our representatives to update their accounts before they can opt in. Making your election early ensures you have enough time to complete the process before the deadline.
Note: Legislation amending the New York City pass-through entity tax (NYC PTET) has passed both houses of the NYS Legislature. If this legislation is enacted into law and you want to opt in to the NYC PTET for 2022, you must first have opted in to the New York State PTET by the September 15, 2022, election deadline.
We updated the Pass-through entity tax (PTET) webpage with this information. To stay up to date, visit it periodically, or subscribe to Pass-through entity tax (PTET) emails.
What else you need to know
The definition of an electing S corporation has been amended to include an electing resident S corporation and an electing standard S corporation.
Reminders
The New York State PTET is an optional tax.
If you opt in to the New York State PTET, your election is irrevocable and will remain in effect for the entire year.
Only an authorized person can make the election on behalf of an eligible entity. Tax professionals cannot make the election on behalf of their clients.
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