New York State Enacts Pass-Through Entity Tax as SALT Limitation Workaround
By EsqSocial Corporation 23/04/21
On April 19, 2021, New York Governor Andrew Cuomo signed into law legislation that creates a New York Pass-Through Entity Tax, effective for tax years beginning on or after January 1, 2021. This consequential tax legislation, available to electing pass-through entities, provides a mechanism for New York State individual taxpayers to limit the impact of the federal $10,000 limitation on state and local tax deductions under the Tax Cuts and Jobs Act of 2017. The tax takes on added significance in...
By: Blank Rome LLP