Section 59-7-303 - 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.Amended by Chapter 228, 2022 General Session ,§ 2, eff. 5/4/2022.Repealed and Re-enacted by Chapter 169, 1993 General Session