Relates to the pass-through entity tax credit and the city pass-through entity tax credit

Summary

The bill changes New York tax law so that the total credit claimed by partners, members or shareholders of an electing partnership or S corporation cannot exceed 87% of the tax due from that entity. The same 87% cap is applied to city‑level pass‑through entity credits. The change takes effect for taxable years starting on January 1 after the law is enacted.

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