Limits the aggregate amount of pass-through entity credits to 87% of the tax due for electing partnerships and S corporations.

This bill amends the tax law to set a cap on the aggregate amount of pass-through entity credits that can be claimed by all partners, members, or shareholders of an electing partnership or electing S corporation. The cap is set at 87% of the tax due under the relevant sections of the tax law. This change applies to taxable years beginning on or after January 1 of the year following the bill's enactment.

Limits the aggregate amount of pass-through entity credits to 87% of the tax due for electing partnerships and S corporations.

This bill amends the tax law to set a cap on the aggregate amount of pass-through entity credits that can be claimed by all partners, members, or shareholders of an electing partnership or electing S corporation. The cap is set at 87% of the tax due under the relevant sections of the tax law. This change applies to taxable years beginning on or after January 1 of the year following the bill's enactment.