Income/Franchise:
Virginia Department of Taxation Issues Guidance on Pass-Through Entity Tax Election for TY 2021
Public Document No. 24-12, Va. Dept. of Tax. (2/19/24). The Virginia Department of Taxation issued guidance on how certain pass-through entities – including those with owners that are corporations or pass-through entities – can make Virginia’s annual election to pay an income tax at the entity level (PTET) for taxable year 2021 [see H.B. 1456 (2023) / S.B. 1476 (2023), and previously issued Multistate Tax Alert for more details on Virginia’s PTET], file the taxable year 2021 PTET return, and claim a retroactive PTET credit. Please contact us with any questions.
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