On 6 May, Governor of New York Kathy Hochul (D) signed into law S8948, which amends the recently enacted changes to the state pass-through entity tax (PTET) by extending the election due date for the current year and by requiring estimated payments. (Read our Insight on the previously enacted changes here.)
The new amendments allow eligible partnerships and S corporations that missed the 15 March 2022 deadline for electing into the PTET to now have until 15 September 2022 to make the election.