During the New Jersey legislative Session on March 15, 2022, a last-minute change was made to the filing deadline. The original deadline to file the 2021 Forms PTE-100 Tax Return and the 2021-PTE-200-T Extension of Time to File was midnight on March 15, 2022. Under the new legislation passed, the deadlines were extended until June 15, 2022. This allows businesses additional time to file the Annual PTE-100 form or to revoke a PTE Election that may no longer be beneficial to them. In the event that businesses are unable to file their annual PTE-100 by June 15, 2022, Form PTE-200 can be filed to request a 6-month extension of time to file, providing that at least 80% of the tax has been paid. There is no extension of time to pay the tax due.
The 1st quarter 2022 estimated tax payment for PTE has also been extended from the original due date of April 15th to June 15th.
The NJ BAIT was originally enacted as a workaround for business owners to bypass the $10,000 State and Local Tax deductibility limit on their personal income tax returns.
For additional information on the NJ BAIT, please contact our experienced tax professionals at firstname.lastname@example.org or 908-782-7900.
Learn more about BKC’s Tax Planning & Compliance Services here.