The New Rage in SALT: State Pass-Through Entity Tax
To mitigate the impact of the state and local tax (SALT) cap at the federal level, New York State has joined the list of states that have enacted an elective pass-through entity tax. Since this tax is imposed at the entity level, it should be eligible for federal deduction and result in federal tax savings for certain pass-through entity owners, partners, or members. Like many other topics in SALT, there are a host of considerations that must be part of the decision-making process for making the election such as: tax base computation, apportionment and sourcing, resident credit issues, and more.
During this webinar, Partner Eugene Ruvere and Principal Jaime Reichardt take deeper dive into the new elective tax regime in New York, in addition to neighboring states like Connecticut, New Jersey, and Rhode Island, among others.
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