When the North Carolina General Assembly convenes on Wednesday, October 9, to consider disaster relief legislation for communities impacted by Hurricane Helene, NCACPA is asking that lawmakers extend the deadline for pass-through entities to make a Taxed PTE election for tax year 2023.
Under current law, a Taxed PTE election must be made by the due date (including extensions) of the entity’s original return for the tax year for which the election is effective. For any PTEs on extension, this means they would have to file their election by October 15.
We have seen draft bill language indicating that the filing deadline will be extended to May 1, 2025, conforming with federal tax relief.
It is our understanding that a bill will be presented to the House and Senate as a conference committee report. Conference reports may be debated but not amended, and are subject to a straight up-or-down vote in each chamber.
Thank you to the various NCACPA Key Persons who contacted their legislators about this issue. Updates on this topic will be shared as more information becomes available.