Mar 26, 2018
From KPMG TaxWatch
Utah Senate Bill 244 was signed into law on March 22, 2018. This bill allows a corporation to pay the tax owed on deferred foreign income in installments. Specifically, if a corporation makes an election under Internal Revenue Code section 965(h) for the tax year, the same provisions that apply to an election made under section 965(h) will apply to an installment payment made under Utah law. Per the bill’s fiscal note, this shifts a potential corporate income tax increase of up to $65 million in FY 2019 and up to $32 million in FY 2020 for corporations with foreign income from occurring in the year in which the foreign income is recognized to over potentially eight years. Please contact Chris Hoge at 415-963-8241 with questions.
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The information contained herein is of a general nature and based on authorities that are subject to change. Applicability of the information to specific situations should be determined through consultation with your tax adviser.