Indiana Administrative Code
Title 45 - DEPARTMENT OF STATE REVENUE
Article 17 - TAXATION OF FINANCIAL INSTITUTIONS
Rule 2 - Taxpayer
Section 2-1 - Financial Institutions Tax (FIT)
Universal Citation: 45 IN Admin Code 2-1
Current through September 18, 2024
Authority: IC 6-5.5-9-1
Affected: IC 6-5.5-1-17; IC 6-5.5-2-8
Sec. 1.
(a) The Financial Institutions Tax (FIT) is intended to tax both traditional financial institutions (such as banks and savings and loans, etc.), that are transacting business within Indiana, as well as other types of businesses that are deemed to be transacting the business of a financial institution in Indiana.
(b) The FIT is a franchise tax imposed upon a corporation that:
(1) is transacting the
business of a financial institution in Indiana;
(2) is a partner in a partnership that is
transacting the business of a financial institution in Indiana; or
(3) is the grantor and beneficiary of a trust
that is transacting the business of a financial institution in
Indiana.
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