California FTB Issues Updated Income Tax Information on Pass-Through Entity Elective Tax

The California Franchise Tax Board (FTB) Oct. 5 issued information on the pass-through entity (PTE) elective tax for individual income and trust income tax purposes. The information includes: 1) how to make the election; 2) when and how to pay the tax; 3) how to calculate and claim the PTE credit; and 4) how to calculate the other state tax credit for taxable years beginning on or after Jan. 1, 2022, and before Jan. 1, 2026. The FTB has developed 2022 Pass-Through Entity Elective Tax Payment Voucher Form FTB 3893, 2021 Pass-Through Entity Elective Tax Calculation Form FTB 3804, and ...