According to the Franchise Tax Board the new tax only applies to "S corporations, general partnerships, limited liability companies taxed as partnerships, limited liability partnerships or limited partnerships...." If this is accurate, then an LLC taxed as an S- corporation may not qualify.
But at least one FTB web page says "A qualifying PTE is an entity taxed as a partnership or S corporation.", which jibes with the language of the act.
Now the question is whether the IRS will accept a late filing of a Sub S election for tax year 2021. Will "I didn't know I had to file the Sub S election by its due date because Calif didn't enact its Small Business Relief Act until after its due date" be considered by the IRS to be a reasonable cause for the late filing of the Sub S election for tax year
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