1. (1) Except as provided in Section 59-7-403, if any corporation listed in Subsection 59-7-101(40)(a) is doing business in Utah, the unitary group shall file a water's edge combined report.

2. (2)

   1. (a) A group of corporations that are not otherwise a unitary group may elect to file a water's edge combined report if each member of the group is:

      1. (i) doing business in Utah;
      2. (ii) part of the same affiliated group; and
      3. (iii) qualified, under Section 1501, Internal Revenue Code, to file a federal consolidated return.
   2. (b) Each corporation within the affiliated group that is doing business in Utah must consent to filing a combined report. If an affiliated group elects to file a combined report, each corporation within the affiliated group that is doing business in Utah must file a combined report.
   3. (c) Corporations that elect to file a water's edge combined report under this section may not thereafter elect to file a separate return without the consent of the commission.

Amended by Chapter 368, 2021 General Session