Business Taxes Greencastle Serving the Greater Putnam County Area Choose Area Bainbridge Cloverdale Fillmore Greencastle Roachdale Russellville Business Taxes Greencastle Indiana Corporate Income Taxes Corporations doing business in Indiana are subject to three different state income taxes. While the taxpayer makes three different tax computations, basically two of the three taxes are paid. In 1994, a two year phased-in double weighted sales factor apportionment began.
Corporations pay the greater of the adjusted gross income tax or the gross income tax.
The Corporate Gross Income Tax is a levied tax on the gross receipts of corporations doing business in Indiana. Receipts from the sale of goods in interstate commerce are not taxable under the corporate gross income tax. Subchapter S corporations are exempt from this tax. Net income for purposes of supplemental net income tax is adjusted gross income derived from Indiana sources minus the greater of the adjusted gross income tax or the gross income tax. Special provisions apply to domestic insurance companies.