Indiana Administrative Code
Title 45 - DEPARTMENT OF STATE REVENUE
Article 17 - TAXATION OF FINANCIAL INSTITUTIONS
Rule 2 - Taxpayer
Section 2-5 - Exemptions

Universal Citation: 45 IN Admin Code 2-5

Current through September 18, 2024

Authority: IC 6-5.5-9-1

Affected: IC 6-5.5-2-7; IC 6-5.5-9-4; IC 27-1-18-2

Sec. 5.

(a) Generally, any taxpayer which is taxable under the FIT (IC 6-5.5) is exempt from the following:

(1) Indiana's gross income tax (IC 6-2.1).

(2) Adjusted gross income tax (IC 6-3).

(3) Supplemental net income tax (IC 6-3-8).

(4) Bank tax (IC 6-5-10).

(5) Savings and loan tax (IC 6-5-11 ).

(6) Production credit association tax (IC 6-5-12).

However, in the case of a partnership with a corporate partner, transacting the business of a financial institution, only the income subject to FIT shall be exempt from the above listed taxes. (See 45 IAC 17-4-4 regarding the tax liability for corporate partners of a partnership which is doing the business of a financial institution.) NOTE: The exemptions provided for the taxes listed in subdivisions (1) through (3) do not apply to a taxpayer to the extent the taxpayer is acting in a fiduciary capacity.

(b) Four (4) types of corporations are exempt from the FIT as follows:

(1) Insurance companies subject to tax under IC 27-1-18-2 or IC 6-2.1.

(2) International banking facilities, as defined in Regulation D of the Board of Governors of the Federal Reserve System.

(3) Subchapter S corporations, as defined in Section 1363 of the Internal Revenue Code.

(4) Any corporation which is exempt from taxation under the Internal Revenue Code except for the corporation's unrelated business income.

Disclaimer: These regulations may not be the most recent version. Indiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.