Background

Many characteristics of PTPs derive from federal tax law and regulation. Federal tax law has several provisions which apply specifically to PTPs and others of more general application which affect PTPs and their investors. Because many states base their income tax system on the federal tax code, these rules will often apply at the state level as well. The most important ones can be found by clicking on the links to the right.

Information on state laws relating to the levels at which individuals may owe tax on their share of PTP income earned in the state can be found by clicking the links under “State Law.” Efforts to amend federal and state laws are discussed in the Association Activities section.

Federal Law

• Definition of Publicly Traded Partnership
• Qualifying “Publicly Traded Partnership”
• General Rules of Partnership Taxation
• Passive Activity Loss
• Unrelated Business Income
• Withholding Requirements for Foreign Investors
  • Regulations
  • IRS Guide

State Law

• For a table of state filing requirements for nonresidents, with personal exemption, standard deduction, and links to state websites, click here.
• Useful information can also be found on the website of the Federation of Tax Administrators. Here are some useful links:
  • Table of state tax rates, income brackets, and personal exemptions
  • U.S. map with links to state revenue departments