PTET elections after the SALT cap increase

The cap is $40,000 for 2025 and $40,400 for 2026, and it shrinks for high earners. For owners above the phase-down, or with state tax well above the cap, paying at the entity level can still move the deduction off Schedule A. Run the numbers per owner rather than per entity.

• Nebraska: elect on the return by its due date including extensions (LB 647). Source: revenue.nebraska.gov.
• New Jersey BAIT: elect electronically before the original PTE-100 due date; 2026 return due March 15, 2027. Source: nj.gov.
• New Mexico: annual election on the entity return, at the higher of the top personal or corporate rate. Source: tax.newmexico.gov.
• New York: opt in between January 1 and March 15; only an authorized person at the entity may elect. Source: tax.ny.gov.
• Oregon PTE-E: extended through tax year 2027 by SB 1510. Source: oregon.gov/dor.
• Rhode Island: continues after the federal change, with an owner add-back. Source: tax.ri.gov.
• Utah: the January 2026 webinar said it expires after 2025 unless extended, but the due-date calendar lists a December 31, 2026 deadline. Confirm before relying on it. Source: tax.utah.gov.
• Virginia: made permanent by HB 29 in 2026. Source: tax.virginia.gov.
• Wisconsin: elect each year by the extended due date of the entity return. Source: revenue.wi.gov.