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

State Law