Special Trivia Question for 1/20/2026 (PTET Part II)

Which state has the highest PTET tax rate?

A. California
B. New Jersey
C. New York
D. Texas

Both New York and New Jersey impose a rate of 10.9% on high incomes.

New York  imposes a PTET of 10.9%, but only on taxable income > $25 million. Fortunately, NY has a refundable credit.

New Jersey imposes this rate starting at $5 million. It is also refundable.