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Bill Harrison
Level 2
March 20, 2022
Question

PTET and TMT for California Tax Payers

  • March 20, 2022
  • 1 reply
  • 9 views

AB 87 (signed 2/9/22) says the PTE tax credit can now reduce net income tax below the California TMT.  Is anyone else having problems with this?  Will this be updated by Lacerte?

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1 reply

K
KJSCWM
Level 2
March 22, 2022

Lacerte announced ~4wks ago when SB113 passed that they were waiting on FTB to update forms and that they'd push through an update.  An alert should show up in our software when that change has taken effect.  I haven't gotten to my affected clients yet to check.

    B
    Bill HarrisonAuthor
    Level 2
    March 23, 2022

    Thank you!  Good luck with the rest os Tax Season!!  Bill

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