Recent PTET Changes
New York State recently announced a useful change to the pass-through entity tax (PTET) for entities that elect to be subject to both the New York State PTET and the New York City PTET. If an entity has an overpayment of the New York State PTET, that overpayment will now be credited to a balance due for the New York City PTET, and vice-versa. Any net overpayment that exceeds the combined amoun...