(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: (a) to a corporation that: (i) is authorized to make an election under Section 965(h), Internal Revenue Code; and (ii) apportions deferred foreign income described in Section 965, Internal Revenue Code, to this state; and (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.

(a) to a corporation that: (i) is authorized to make an election under Section 965(h), Internal Revenue Code; and (ii) apportions deferred foreign income described in Section 965, Internal Revenue Code, to this state; and

(i) is authorized to make an election under Section 965(h), Internal Revenue Code; and

(ii) apportions deferred foreign income described in Section 965, Internal Revenue Code, to this state; and

(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) (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. (b) A corporation shall make: (i) the first installment under this section on or before the due date, including any extension, 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 (ii) a subsequent installment on or before the due date, including any extension, of the tax return filed under this chapter in each of the following seven years.

(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.

(b) A corporation shall make: (i) the first installment under this section on or before the due date, including any extension, 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 (ii) a subsequent installment on or before the due date, including any extension, of the tax return filed under this chapter in each of the following seven years.

(i) the first installment under this section on or before the due date, including any extension, 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

(ii) a subsequent installment on or before the due date, including any extension, of the tax return filed under this chapter in each of the following seven years.