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Panel hears proposal to extend pass-through entity elective tax, tied to federal SALT negotiations
Summary
The Department of Finance proposed a contingency extension of California's passthrough entity elective tax (PTET) through tax year 2030 if the federal SALT cap is extended, and proposed allowing late prepayments subject to a 12.5% reduction in the credit; CPAs and national accounting firms expressed support.
The subcommittee considered the administration's proposal to extend the pass-through entity elective tax (PTET) for tax years 2026 through 2030, subject to a federal SALT-cap trigger. Nick Thomas of the Department of Finance explained PTET's mechanics: a business entity may elect to pay tax at the entity level and generate credits for…
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