New York State Pass Through Entity Tax Webinar
New York State “Pass Through Entity Tax"
Lower Federal Taxes for Owners of New York Partnerships and S-Corps
Thursday, April 29
In its recently passed budget, New York became the eighth state to adopt a “pass-through entity tax” (PTET) that effectively should restore federal income tax deductibility for New York State personal income taxes paid on certain business-related income, despite the federal $10,000 annual limitation on the deductibility of state and local taxes (the “SALT Cap”). This elective PTET is intended to comply with IRS guidance in Notice 2020-75 and should enable individual New York resident and nonresident partners, LLC members, S-corp shareholders and others to deduct such taxes for federal income tax purposes. Join us for this informative webinar during which the panelists will discuss both the tax policy aspects of New York’s new PTET and the practical considerations and actions necessary to qualify and comply. The session’s panelists actively participated in the drafting and passage of this important new tax legislation.
- Alysse McLoughlin
Partner, McDermott Will & Emory LLC
Alysse focuses her practice on state and local tax matters, with particular emphasis on working with financial services companies. She is also experienced with state tax legislation and advises her clients on state tax planning opportunities.
- Steven N.J. Wlodychak
Indirect State and Local Tax Consultant and Retired Principal, Ernst & Young LLP and State and Local Tax Columnist with Tax Analysts State
Recently retired as a principal with EY, Steve continues to consult on and specializes in the state and local tax aspects of business transactions and has published extensively on various aspects of state and local taxation.
- Ken Pokalsky
Vice President, The Business Council of New York State, Inc.
Ken directs the Council’s overall legislative and regulatory advocacy efforts and focuses on tax and economic development issues in New York State.
*If you’re not a member of The Business Council, but belong to your local Chamber of Commerce or Association that is, you are eligible for a discount!
Please contact your Business Council affiliated Chamber of Commerce or Association for the appropriate discount code.
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