Sec. 3. (a) All revenues derived from collection of the adjusted gross income tax imposed on corporations shall be deposited in the state general fund.

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Terms Used In Indiana Code 6-3-7-3

  • 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

  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
     (b) All revenues derived from collection of the adjusted gross income tax imposed on persons shall be deposited in the state general fund.

     (c) All revenues derived from adjusted gross income tax computed from a partnership that has made an election to be subjected to tax directly at the partnership level under IC 6-3-4.5 shall be deposited in the state general fund. For purposes of this subsection, “adjusted gross income tax” means any tax for which the partnership is directly subject to as the result of an election under IC 6-3-4.5, regardless of the provision under which the tax is computed.

Formerly: Acts 1963(ss), c.32, s.704; Acts 1965, c.233, s.29; Acts 1969, c.425, s.1; Acts 1973, P.L.50, SEC.6. As amended by Acts 1977(ss), P.L.4, SEC.18; P.L.390-1987(ss), SEC.39; P.L.192-2002(ss), SEC.83; P.L.146-2008, SEC.323; P.L.194-2023, SEC.21.

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