§5147. Installment sale election
Notwithstanding any provision of this Part to the contrary, an individual who transferred, during the taxable year, real or tangible property located in this State under an installment sale agreement may elect to recognize, for purposes of determining the taxable income under this chapter, the total gain from that sale in the taxable year of the transfer, or to recognize any remaining gain in a subsequent tax year to the extent of the gain not reported in a prior tax year. An election under this section is not available to an individual unless that individual is a nonresident of this State at the time of the transfer or at the time the election is made. An election under this section must be made on a timely filed original income tax return, including if filed by any extension granted for filing the return, and, once made, is irrevocable. [PL 2019, c. 607, Pt. C, §3 (AMD).]
SECTION HISTORY
PL 2019, c. 401, Pt. C, §7 (NEW). PL 2019, c. 607, Pt. C, §3 (AMD).