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How Does the Georgia Pass-Through Entity Tax Election Work?
January 10, 2023
Georgia House Bill 149, that went into effect January 1, 2022, created the opportunity to make pass-through entity tax (“PTET”) elections in the state. PTET elections provide a workaround of the $10,000 limitation for the amount of state and local taxes that individuals can deduct from federal taxes. Businesses that operate as S-corporations, pass-through entities, partnerships, and LLCs treated as partnerships, are all potentially eligible to take advantage of these savings.
Join Cathie Stanton, State & Local Tax Leader, and Tony Konkol, State & Local Manager, on Cherry Bekaert’s latest podcast as they discuss the intricacies of how PTET elections can benefit Georgia businesses.