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Utah Code Title 59. Revenue and Taxation § 59-7-303. Apportionable income

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) Any taxpayer having income from business activity which is taxable both within and without this state shall allocate and apportion the taxpayer's adjusted income as provided in this part.

(2) Any taxpayer having income solely from business activity taxable within this state shall allocate or apportion the taxpayer's entire adjusted income to this state.

(3)(a) Notwithstanding Subsections (1) and (2), for a taxable year beginning on or after January 1, 2022, a taxpayer may elect to treat all of the taxpayer's income from sales of intangible property as business income.

(b) A taxpayer shall make the election described in Subsection (3)(a) on or before the deadline for filing a return under an extension of time described in Section 59-7-505.

(c) An election under this Subsection (3) is irrevocable.

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Cite this article: FindLaw.com - Utah Code Title 59. Revenue and Taxation § 59-7-303. Apportionable income - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-59-revenue-and-taxation/ut-code-sect-59-7-303/

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