S105 - 2021 Appropriations Act. (SL 2021-180)

Overview: Section 42.5 of S.L. 2021-180 allows pass-through entities to elect to pay the State income taxes at the entity level, which is not subject to the federal state and local tax (SALT) cap of $10,000.

This section is effective for taxable years beginning on or after January 1, 2022.