New York City pass-through entity tax (NYC PTET) (Articles 22, 24-B and 30)

The NYC PTET is an optional tax that city partnerships or city resident New York S corporations may annually elect to pay on certain income for tax years beginning on or after January 1, 2022.

If a city partnership or city resident New York S corporation elects to pay NYC PTET, partners, members, or shareholders of an electing city partnership or city resident New York S corporation (electing entity) who are subject to tax under Article 30 may be eligible for a NYC PTET credit on their New York State income tax returns.

For more information on this tax and its related credit, see New York City pass-through entity tax (NYC PTET) .

[Part MM of Chapter 59 of the Laws of 2022; Chapter 555 of the Laws of 2022; Articles 24-B and 30; Tax Law §§ 612(b)(43-a), and 1310(g); and Administrative Code of the City of New York §§ 11-602(8)(b)(3), 11-641(b)(2), and 11-1706(g)]