Additional Time to Make NY State PTET Election

Governor Kathy Hochul signed Bill S8948 on May 6, 2022. This bill will allow an extension of time from March 15, 2022, to September 15, 2022, to make the New York PTET for the tax year 2022.

This will allow taxpayers time to analyze the changes made to the NY Pass-Through Entity Tax (PTET) and determine if an election should be made. Included in the bill are estimated payment requirements for the extended election period: 25% of the required annual payment is due if the election is made before June 15, 2022, and 50% of the required annual payment is due if the election is made before September 15, 2022, for a PTET election to be valid.