Back in 2017, the Tax Cuts and Jobs Act was signed into law which instituted a cap on the amount of state and local taxes (SALT) that individuals could report as Itemized Deductions on Schedule A.  Starting with the 2018 tax year, the maximum SALT deduction available was $10,000. Previously, there was no limit.  Since then, roughly 20 states have come up with workarounds intended to negate, or at least mitigate the effect of the SALT limitation. In 2021 California passed AB 150, which provides that, in the taxable years 2021-2025, a so-called "qualified entity" (a S corporation, partnership, or LLC taxed as a partnership or S corporation) to make an election to pay a new pass-through entity (PTE) elective tax equal to 9.3% of its...