§ 59-7-118 — Section 965, Internal Revenue Code -- Installment payments.

Utah § 59-7-118

• Jurisdiction: Utah
• Title 59: Revenue and Taxation
• Ch. 59-7: Corporate Franchise and Income Taxes
• Part 59-7-1: Corporate Tax Generally

Text

(1) Subject to the other provisions of this section, a corporation may pay in installments the tax owed under this chapter on deferred foreign income described in Section 965, Internal Revenue Code.
(2) Subsection (1) applies:

(2)(a) to a corporation that:
(2)(a)(i) is authorized to make an election under Section 965(h), Internal Revenue Code; and
(2)(a)(ii) apportions deferred foreign income described in Section 965, Internal Revenue Code, to this state; and
(2)(b) for a tax year in which a corporation makes an election under Section 965(h), Internal Revenue Code, for purposes of the corporation's federal income tax.
(3) (3)(a) Except as provided in Subsection (3)(b), the same provisions that apply to an election made under Section 965(h), Internal Revenue Code, for federal purposes apply to an installment payment made under this section.
(3)(b) A corporation shall make:
(3)(b)(i) the first installment under this section on or before the due date of the tax return filed under this chapter for the first taxable year in which the corporation reports deferred foreign income described in Section 965, Internal Revenue Code; and
(3)(b)(ii) a subsequent installment on or before the due date of the tax return filed under this chapter in each of the following seven years.

Legislative History

Amended by Chapter 367, 2021 General Session