Apportionable income

# (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.