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Late in the day on Mar. 15, 2022, the New Jersey Division of Taxation announced an extension of certain due dates related to the New Jersey Pass-Through Business Alternative Income Tax (“BAIT”). The following BAIT due dates have been extended from Mar. 15, 2022, to June 15, 2022:
- 2021 PTE Election
- 2021 PTE-100 Tax Return
- 2021 PTE-200-T Extension of Time to File
- 2021 Revocation forms
- 2022 Estimated Payments
This information has been posted to the New Jersey Division of Taxation’s website.
In order to make a BAIT election, an entity must first register with the New Jersey Division of Revenue and Enterprise Services. Registration can take up to two weeks to process. Accordingly, entities that need to register should do so in advance of the extended deadline.
What does CohnReznick think?
The pass-through BAIT can present owners of pass-through entities with an opportunity for potential tax savings related to the federal cap on the SALT deduction. Whether an entity should elect to pay the optional pass-through tax requires analysis, consideration, and planning. With these extensions, the Division of Taxation has provided additional time for taxpayers to evaluate whether the BAIT may offer tax benefits and comes as a welcome move.
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Any advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues. Nor is it sufficient to avoid tax-related penalties. This has been prepared for information purposes and general guidance only and does not constitute legal or professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice specific to, among other things, your individual facts, circumstances and jurisdiction. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick, its partners, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.