Who can do NYC PTET payments?

[Samuel]

I’m trying to understand NYC PTET rules. Who can file and pay PTET in NYC, and does it apply to individuals, partnerships, or S corporations?

 

[Frederick]

New York City Pass-Through Entity Tax (PTET) payments can be made by eligible partnerships or resident S corporations that have opted into the tax. Generally, the entity’s authorized member, officer, or manager handles the election and payment process through the state's online services. This tax allows individual partners or shareholders to benefit from a tax credit, helping them manage federal state and local tax (SALT) deduction limits.

 

[Darcey]

NYC PTET payments can be made by eligible New York City pass-through entities, such as partnerships or resident S corporations, that have elected into the PTET program. Payments must be made through the entity’s Business Online Services account, typically by authorized representatives like partners, members, or officers acting on behalf of the entity.

 

[James Miller]

NYC PTET (Pass-Through Entity Tax) payments are typically made by eligible partnerships or New York S corporations that have elected to participate in the program. This allows the entity to pay tax at the entity level, providing a tax benefit to individual partners or shareholders. Tax professionals or authorized representatives usually handle these filings to ensure compliance with New York City tax laws.

 

[Maverick Stone]

The NYC PTET election and payments under the entity Business Online Services account should be done by only authorized persons, usually the owners, the officers or a member of the entity with the power to bind the entity. Tax professionals are able to pay an estimated but not the first election.