![]() Sole proprietorships and single member LLCs electing to file as sole proprietorships may not elect to pay the PTE-E Tax. The PTE may elect to pay the PTE-E Tax if all the member/owners are individuals, or are pass-through entities that are owned entirely by individuals subject to the personal income tax imposed under Oregon Revised Statutes Chapter 316. Which entities may elect to pay the PTE-E Tax?Ī PTE is a partnership or S corporation or limited liability company electing to be treated as a partnership or S corporation. The election is made when the return is timely filed. The entity must make an election to pay each year. Must the entity make an election to pay the PTE-E Tax each year? The member/owner(s) may then claim a tax credit for the tax paid by the PTE on their share of distributive proceeds. However, for taxable years beginning on or after Janucertain qualifying pass-through entities may elect to pay a PTE-E Tax on the sum of each of the member/owner’s share of distributive proceeds. PTE-E Form Due (separate form required currently pending release)įor Oregon tax purposes, income and losses of a PTE are passed through to its members/owners. ![]() PTE-E Election required on timely filed return (unless extended) ![]() Third quarter estimated payment due (additional 25%)Īccording to IRS Notice 2020-75, in order for tax to be deductible in 2022 tax return, payment must be made by end of the year. Here are the upcoming relevant dates to be aware of: DATE Qualifying members of an electing PTE are eligible for a credit equal to 100 percent of the member’s distributive share of the PTE-E tax paid. The law will expire if the federal SALT deduction limitation expires or is repealed. The tour takes 2 hours, and with only 12 guests per safari time, you know you get the upmost attention.In July 2021, Oregon established an elective Pass-Through Entity Tax (PTE-E), a business alternative income tax in response to the $10,000 cap on the federal State and Local Tax (SALT) deduction added in the 2017 federal Tax Cuts and Jobs Act.įor tax years beginning on or after Januentities taxed as S corporations and partnerships may elect annually to be subject to the PTE-E tax at a rate of 9 percent tax on the first $250,000 of distributive proceeds and 9.9 percent tax on any amount exceeding $250,000. Kids - keep those eyes peeled for some of the more curious animals! Perhaps you'll find yourself eye-to-eye with a towering, curious giraffe, or spot those cheetahs at full speed. Want to walk on the wild side? Then this is the place for you! You'll stroll beneath the wings of some of the most amazing birds in the world and come face to face with all your favorite animals that you might have only dreamed of seeing! The journey is via a pre-booked tour, and you're taken via entertaining and informative guides that will take you to meet our massive herds of wild antelope, buffalo, and giraffes. While traversing our natural landscape, your experienced guide will share fascinating stories about our collection of over 800 animals, as well as tales of their exotic counterparts in the wilds of Africa.
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