Major Changes to New York’s SALT Workaround as Part of FY23 Budget Bill
Withum
MAY 4, 2022
A full credit similar to the New York PTET is available on the owner level to offset against their personal income tax. As a final note, the New York City PTET is on top of, but does not replace the New York City Unincorporated Business Tax (“UBT”) imposed on partnerships or General Corporation Tax (“GCT”) imposed on S corporations.
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