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New York City pass-through entity tax (NYC PTET)

The NYC PTET is an optional tax that city partnerships or city resident New York S corporations may annually elect to pay on certain income for tax years beginning on or after January 1, 2022.

If an eligible city partnership or eligible city resident S corporation (electing entity) elects to pay the NYC PTET, its partners, members, or shareholders subject to tax under Article 30 may be eligible for an NYC PTET credit on their New York State income tax returns.

The tax is imposed under Tax Law Article 24-B, which was enacted in 2022.



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