3 Key Improvements To Maryland Pass-Through Entity Tax

Law360 (March 23, 2021, 12:18 PM EDT) -- For all taxable years beginning after Dec. 31, 2019, a pass-through entity, or PTE, with Maryland-source income now can elect to be taxed at the PTE level, rather than the owner level, with respect to its owners on the PTE's Maryland-source income for Maryland state and local income tax purposes.[1]

The election is intended to circumvent the $10,000 limit on the federal deductibility of state and local taxes imposed by the Tax Cuts and Jobs Act, which has hit high-income tax states such as Maryland very hard. 

The key provision of the Maryland legislation permits a PTE to elect to shift...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Related Sections

Law Firms

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!