Is there any guidance for an entity to take advantage of the CA PTE elective tax if the entity was established after 6/15? The language on the FTB website reads:
For taxable years beginning on or after January 1, 2022, and before January 1, 2026, the PTE may not make an election if the initial payment is not made by June 15.
Payment 1
Pay $1,000 or 50% of the elective tax paid for the prior taxable year, whichever is greater..
https://www.ftb.ca.gov/file/business/cr ... index.html
Is this effectively stating that any entity established after 6/15 (which couldn't timely make the $1,000 payment) may not claim the PTE credit for that year? Seems a bit too harsh and couldn't find any information on this.