Indiana Code 6-3-2-2.8. Exemption; nonprofit entities; Subchapter S corporations; financial institutions; insurance companies; international banking facilities
(1) Any organization described in Section 501(a) of the Internal Revenue Code, except that any income of such organization which is subject to income tax under the Internal Revenue Code shall be subject to the tax under IC 6-3-1 through IC 6-3-7.
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: 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.
- 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
- 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
(3) Banks and trust companies, national banking associations, savings banks, building and loan associations, and savings and loan associations.
(4) Insurance companies or organizations offering nonprofit agricultural organization insurance coverage 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.
(C) IC 6-8-15, unless a nonprofit agricultural organization:
(i) files a notice of election with the insurance commissioner and the commissioner of the department on or before November 30 of a taxable year; and
(ii) states in the notice of election that the organization elects to be subject to the tax imposed under IC 6-3-1 through IC 6-3-7 for the taxable year.
(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; P.L.194-2023, SEC.14.