State pass$-$through entity $($PTET$)$ elections are designed to allow the owners of S corporations to:

Avoid the $$10,000($$$5,000$ MFS$)$ state and local tax deduction cap.

Retroactively treat an S corporation as a C corporation for federal tax purposes.

Defer payment of state income taxes on S corporation and partnership income.

Avoid paying state income taxes on income sourced outside the owner's state of residence