The New York Department of Taxation has released guidance for business owners looking to circumvent the $10,000 cap on state and local tax deductions.
The guidance, released Wednesday, spells out the election process for an optional pass-through entity tax that businesses—such as S corporations and partnerships—can pay in exchange for a tax credit owners can use on their personal income returns. The method—now available in over a dozen states—has become a popular tool for high-tax states looking to blunt the tax burden imposed by the controversial 2017 tax law.
- Businesses have until Oct. 15 to opt in to the ...
Learn more about Bloomberg Tax or Log In to keep reading:
See Breaking News in Context
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools and resources.