Passthrough Entity Tax: A fresh look

Part of the Tax News & Views podcast series

How does a Passthrough Entity Tax (PET) work and why have 20 states enacted them? In this latest episode, Multistate Tax specialists Dan Daly and Jason Kang explain what PETs are and who might benefit the most from them. And, since PETs are enacted differently state by state, Dan and Jason underscore the need for taxpayers to discuss the implications of being taxed in this manner with their tax advisors.

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Tax podcast: Passthrough Entity Tax: A fresh look

While some uncertainty remains concerning the deductibility of Passthrough Entity Taxes, to date, 20 states have enacted them. Host Carrie Falkenhayn and Deloitte Multistate Tax specialists Dan Daly and Jason Kang explore why a passthrough entity may choose to be taxed in this manner, some of the complexities they may face, and the possible impact that may occur as a result of changes to the current SALT limitations.

In the next 12 to 18 months, there is something like 400 SPACs that are currently looking for targets. And with only so many high-quality targets available out there, I think there’s going to be fierce competition amongst these investors to find and make deals happen.

—Dan Daly

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