March 10, 2022
Law firm clients | Register for EY webcast update on PTE-level taxes as a SALT cap 'workaround'
Law firm clients should plan to attend EY's "State pass-through entity taxes" webcast on March 29, 2022 (1:00-2:00 p.m. ET) for a discussion of current trends, opportunities and challenges around the $10k cap on state and local tax (SALT) deductions, added under the Tax Cuts and Jobs Act of 2017.
Recall that, as a workaround to the SALT cap, some states enacted new taxes on pass-through entities (PTEs) that shifted the direct burden of PTE taxation from PTE owners and provided a credit against, or an exclusion of, the distributive share of PTE income subject to such tax from the related direct state income taxes on the owners. Topics for the webcast will include: (1) various enacted and proposed state PTE-level taxes; (2) state domicile considerations; and (3) federal income tax considerations of state PTE-tax election.