I have a simple question about the new Illinois PTE tax for S Corporations.

If an IL S Corporation makes the PTE election on the 2021 IL-1120-ST, then the S Corporation must remit 4.95% of the pass-through income to IDOR by March 15, 2022. The taxpayer would then claim the tax credit on their 2021 IL-1040.

Since the PTE tax is being remitted by the S Corporation in 2022 (cash basis taxpayer), I am assuming that the partnership would claim the deduction for the PTE payment on their 2022 partnership tax return.

Do I have that right?