Tag Archives: new york state

NEW YORK CITY: FACTOR PRESENCE NEXUS ADOPTED; PTET ELECTION AVAILABLE FOR 2022 WITH IMMINENT IMPLICATIONS

Governor Kathy Hochul on August 31, 2022, signed into law a bill (S.B. 9454) that, among other things, accomplishes two important tax changes for New York City (NYC): (1) adopting an economic nexus threshold of $1 million and (2) retroactively allowing the NYC pass-through entity tax (PTET) election to be made for tax years beginning Read More…