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The House Ways and Means Committee on September 15TH approved a tax package that would increase rates on high-net-worth individuals and corporations and affect cross-border activity and pass-through entities, advancing the tax elements of the Biden administration’s “Build Back Better” agenda.
On September 13, 2021, the House Ways and Means Committee released draft legislation that proposes a series of tax increases and tax cuts, which will undergo a round of markups by the committee over the next few days. Most tax proposals were anticipated; however, the House provided a few surprises.
Earlier this year New York State introduced an optional 'Pass-through entity tax ("PTET")' that partnerships or New York S Corporations may annually elect to pay on certain income for tax years beginning on or after January 1, 2021. This type of tax has been enacted by a number of states and is…
