Indiana Code 6-3-2-2.8. Exemption; nonprofit entities; Subchapter S corporations; financial institutions; insurance companies; international banking facilities
Sec. 2.8. Notwithstanding any provision of IC 6-3-1 through IC 6-3-7, there shall be no tax on the adjusted gross income of the following:
Terms Used In Indiana Code 6-3-2-2.8
- adjusted gross income: shall mean the following:
(a) In the case of all individuals, "adjusted gross income" (as defined in Section 62 of the Internal Revenue Code), modified as follows:
Indiana Code 6-3-1-3.5
- corporation: includes all corporations, associations, real estate investment trusts (as defined in the Internal Revenue Code), joint stock companies, whether organized for profit or not-for-profit, any receiver, trustee or conservator thereof, business trusts, Massachusetts trusts, any proprietorship or partnership taxable under Section 1361 of the Internal Revenue Code, and any publicly traded partnership that is treated as a corporation for federal income tax purposes under Section 7704 of the Internal Revenue Code. See Indiana Code 6-3-1-10
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(2) Any corporation which is exempt from income tax under Section 1363 of the Internal Revenue Code and which complies with the requirements of IC 6-3-4-13. However, income of a corporation described under this subdivision that is subject to income tax under the Internal Revenue Code is subject to the tax under IC 6-3-1 through IC 6-3-7. A corporation will not lose its exemption under this section because it fails to comply with IC 6-3-4-13 but it will be subject to the penalties provided by IC 6-8.1-10. Any corporation that is exempt from income tax under Section 1363 of the Internal Revenue Code and that makes an election under IC 6-3-2.1 for a taxable year shall be subject to tax as provided in IC 6-3-2.1 for the taxable year of the election.
(3) Banks and trust companies, national banking associations, savings banks, building and loan associations, and savings and loan associations.
(4) Insurance companies subject to tax under any of the following:
(A) IC 27-1-18-2, including a domestic insurance company that elects to be taxed under IC 27-1-18-2.
(B) IC 27-1-2-2.3.
(5) International banking facilities (as defined in Regulation D of the Board of Governors of the Federal Reserve System (12 CFR 204)).
As added by P.L.47-1984, SEC.5. Amended by P.L.42-1993, SEC.3; P.L.18-1994, SEC.8; P.L.192-2002(ss), SEC.74; P.L.129-2014, SEC.1; P.L.1-2023, SEC.4.