In 2021, New York State introduced the pass-through entity tax (PTET), which allowed owners of electing pass-through entities to circumvent the $10,000 state and local tax deduction limitation on their individual tax returns.  As a result, many shareholders and partners of the entities which elected PTET enjoyed significant tax savings.  If your pass-through entity missed out on the 2021 PTET, have no fear - it is not too late to elect for 2022: the 2022 election deadline has been extended to September 15, 2022.