reglab/statecodes huggingface dataset:
2023 Indiana Code › Title 6. Taxation › Article 4.1. Death Taxes › Chapter 10. Refund of Inheritance Tax Erroneously or Illegally Collected › 6-4.1-10-6. Annual Appropriation to Pay Refund

Sec. 6. Amounts sufficient to pay the refunds provided for under this chapter are annually appropriated.
As added by Acts 1976, P.L.18, SEC.1.
2023 Indiana Code › Title 6. Taxation › Article 4.1. Death Taxes › Chapter 12. General Administrative Provisions › 6-4.1-12-0.5. Inheritance Tax Not Imposed on a Transfer of Property Resulting From the Death of an Individual Who Dies After December 31, 2012

Sec. 0.5. (a) For an individual who dies after December 31, 2012, there is no inheritance tax imposed on the decedent's transfer of property interests.
(b) Sections 1 through 12 of this chapter do not apply to a property interest transferred by a decedent whose death occurs after December 31, 2012.
As added by P.L.157-2012, SEC.15. Amended by P.L.205-2013, SEC.123.
2023 Indiana Code › Title 6. Taxation › Article 4.1. Death Taxes › Chapter 12. General Administrative Provisions › 6-4.1-12-1. Powers of the Probate Court

Sec. 1. (a) Except as otherwise provided in this article, the probate court of the county:
(1) in which a resident decedent was domiciled at the time of the decedent's death; or
(2) in which the resident decedent's estate is being administered, if different from the county described in subdivision (1);
has jurisdiction to determine the inheritance tax imposed as a result of the resident decedent's death and to hear all matters related to the tax determination. However, if two (2) or more courts in a county have probate jurisdiction, the first court acquiring jurisdiction under this article acquires exclusive jurisdiction over the inheritance tax determination.
(b) In the case of an inheritance tax return filed after March 31, 2016, the probate court having jurisdiction under subsection (a) does not have the power to make original inheritance tax determinations. The probate court may hear the following matters with respect to an inheritance tax return filed after March 31, 2016, for a resident decedent:
(1) Any matter subject to IC 6-4.1-4-3 through IC 6-4.1-4-5.
(2) Any matter subject to IC 6-4.1-5-13.
(3) Petitions for a redetermination of inheritance tax due or a reappraisal of a property interest under IC 6-4.1-7.
(4) An appeal of a refund order under IC 6-4.1-10-4.
As added by Acts 1976, P.L.18, SEC.1. Amended by Acts 1977(ss), P.L.6, SEC.11; P.L.86-1995, SEC.9; P.L.190-2016, SEC.29.
2023 Indiana Code › Title 6. Taxation › Article 4.1. Death Taxes › Chapter 12. General Administrative Provisions › 6-4.1-12-2. Appraisal of Transferred Property Interests

Sec. 2. To determine the inheritance tax with respect to an inheritance tax return filed after March 31, 2016, the department of state revenue shall appraise a property interest transferred by a resident decedent.
As added by Acts 1976, P.L.18, SEC.1. Amended by P.L.190-2016, SEC.30; P.L.79-2017, SEC.50.
2023 Indiana Code › Title 6. Taxation › Article 4.1. Death Taxes › Chapter 12. General Administrative Provisions › 6-4.1-12-5. Compromise Agreements Concerning Tax or Interest on Delinquency

Sec. 5. (a) If one (1) of the conditions listed in subsection (b) of this section exists, the department of state revenue may, with the advice and approval of the attorney general, enter into a compromise agreement concerning the amount of any inheritance tax, or interest charges on delinquent inheritance tax, to be collected under this article. The department may enter into such an agreement with the personal representative of a decedent's estate or with the transferee of property transferred by the decedent.
(b) The department may enter into a compromise agreement under this section only if the department and the attorney general believe that a substantial doubt exists as to:
(1) the right to impose the tax under applicable Indiana law;
(2) the constitutionality, under either the Indiana or United States Constitutions, of the imposition of the tax;
(3) the correct value of property transferred under a taxable transfer;
(4) the correct amount of tax due;
(5) the collectability of the tax; or
(6) whether the decedent was a resident or a non-resident of this state.
(c) After payment of the inheritance tax agreed to by the parties to a compromise agreement entered into under this section, the issue of the amount of tax to be collected may be reopened only if the agreement was entered into fraudulently.
As added by Acts 1976, P.L.18, SEC.1.
2023 Indiana Code › Title 6. Taxation › Article 4.1. Death Taxes › Chapter 12. General Administrative Provisions › 6-4.1-12-6. Powers and Duties of Department of State Revenue

Sec. 6. The department of state revenue:
(1) shall supervise the enforcement of this article;
(2) shall supervise the collection of taxes imposed under this article;
(3) shall investigate the manner in which this article is administered and enforced in the various counties of this state;
(4) shall provide the forms and books required to implement this article;
(5) shall promulgate any rules or regulations which are necessary for the interpretation or the enforcement of this article;
(6) may investigate any facts or circumstances which are relevant to the taxes imposed under this article;
(7) shall provide the inheritance tax administrator with a secretary; and
(8) may provide the inheritance tax administrator with assistants, clerks, or stenographers.
As added by Acts 1976, P.L.18, SEC.1.
2023 Indiana Code › Title 6. Taxation › Article 4.1. Death Taxes › Chapter 12. General Administrative Provisions › 6-4.1-12-6.5. Determination of Department of State Revenue Resulting in Tax Increase; Statement in Rules

Sec. 6.5. All changes in the department of state revenue's interpretations of IC 6-4.1 that could increase a person's tax liability must be stated in rules promulgated under IC 4-22-2. In no event may a change in a departmental interpretation of IC 6-4.1 that could increase a person's tax liability take effect before the date on which it is promulgated in a rule.
As added by Acts 1979, P.L.75, SEC.14.
2023 Indiana Code › Title 6. Taxation › Article 4.1. Death Taxes › Chapter 12. General Administrative Provisions › 6-4.1-12-7. Investigative Powers of Department of State Revenue; Witness Fees

Sec. 7. For the purpose of conducting an investigation described under section 6(3) or 6(6) of this chapter, the department of state revenue may:
(1) subpoena evidence;
(2) subpoena witnesses;
(3) administer oaths; or
(4) take testimony concerning any matter.
Each witness examined by the department is entitled to receive a fee equal to the same fee paid witnesses subpoenaed to appear before a court of record. The witness fee shall be paid in the same manner that erroneous tax payments are refunded under IC 6-4.1-10.
As added by Acts 1976, P.L.18, SEC.1. Amended by P.L.79-2017, SEC.52.
2023 Indiana Code › Title 6. Taxation › Article 4.1. Death Taxes › Chapter 12. General Administrative Provisions › 6-4.1-12-8. Inheritance Tax Administrator; Appointment; Salary

Sec. 8. The governor shall, with the advice of the department of state revenue, appoint a state inheritance tax administrator. The inheritance tax administrator shall receive a salary to be fixed in the manner prescribed in IC 4-12-1-13. In addition, he shall receive the same mileage and travel allowances which other state employees receive.
As added by Acts 1976, P.L.18, SEC.1.
2023 Indiana Code › Title 6. Taxation › Article 4.1. Death Taxes › Chapter 12. General Administrative Provisions › 6-4.1-12-9. Powers and Duties of Inheritance Tax Administrator

Sec. 9. The inheritance tax administrator:
(1) shall supervise the administration of this article;
(2) shall, on behalf of the department of state revenue, perform the administrative duties assigned to the department under this article;
(3) shall file reports with the department of state revenue on the first day of January, April, July, and October of each year;
(4) may, with the approval of the governor, employ special auditors or appraisers to appraise any property interest which is transferred by a decedent under a taxable transfer; and
(5) may, with the approval of the governor, employ special counsel to advise the administrator or to represent the administrator or the department of state revenue in any proceeding initiated by or against the administrator or the department.
As added by Acts 1976, P.L.18, SEC.1.
2023 Indiana Code › Title 6. Taxation › Article 4.1. Death Taxes › Chapter 12. General Administrative Provisions › 6-4.1-12-10. Special Auditor, Appraiser, or Counsel; Compensation

Sec. 10. A special auditor, appraiser, or counsel appointed by the inheritance tax administrator under section 9 of this chapter shall receive compensation for his services in an amount fixed by the administrator and the governor. When a claim for the compensation is approved by the administrator and the governor, the state auditor shall issue a warrant to the claimant in the amount so approved. The state auditor shall draw the warrant on taxes collected under this article. The state treasurer shall pay the warrant.
As added by Acts 1976, P.L.18, SEC.1.
2023 Indiana Code › Title 6. Taxation › Article 4.1. Death Taxes › Chapter 12. General Administrative Provisions › 6-4.1-12-11. Information and Investigations Concerning Non-Resident's Estates

Sec. 11. The department of state revenue and the inheritance tax administrator shall gather information and make investigations concerning the estates of non-residents whose deaths result in the imposition of a tax under this article.
As added by Acts 1976, P.L.18, SEC.1.
2023 Indiana Code › Title 6. Taxation › Article 4.1. Death Taxes › Chapter 12. General Administrative Provisions › 6-4.1-12-12. Disclosure of Inheritance Tax Information; Offense

Sec. 12. (a) The department, the department's counsel, agents, clerks, stenographers, other employees, or former employees, or any other person who gains access to the inheritance tax files shall not divulge any information disclosed by the documents required to be filed under this article. However, disclosure may be made in the following cases:
(1) To comply with an order of a court.
(2) To the members and employees of the department.
(3) To the members and employees of county offices and courts to the extent they need the information for inheritance tax purposes. IC 5-14-3-6.5 does not apply to this subdivision.
(4) To the governor.
(5) To the attorney general.
(6) To any other legal representative of the state in any action pertaining to the tax due under this article.
(7) To any authorized officer of the United States, when the recipient agrees that the information is confidential and will be used solely for official purposes.
(8) Upon the receipt of a certified request, to any designated officer of a tax department of any other state, district, territory, or possession of the United States, when the state, district, territory, or possession permits the exchange of like information with the taxing officials of Indiana and when the recipient agrees that the information is confidential and will be used solely for tax collection purposes.
(9) Upon receipt of a written request, to the director of the department of child services or to the director of the division of family resources and to any county director of family and children, when the recipient agrees that the information is confidential and will be used only in connection with their official duties.
(10) To the attorney listed on the inheritance tax return under IC 6-4.1-4-1 or IC 6-4.1-4-7.
(11) To a devisee, an heir, a successor in interest, or a surviving joint tenant of the decedent for whom an inheritance tax return was filed or, upon the receipt of a written request, to an agent or attorney of a devisee, an heir, a successor in interest, or a surviving joint tenant of the decedent.
(b) Any person who knowingly violates this section:
(1) commits a Class C misdemeanor; and
(2) shall be immediately dismissed from the person's office or employment, if the person is an officer or employee of the state.
As added by P.L.26-1985, SEC.13. Amended by P.L.67-1988, SEC.3; P.L.58-1990, SEC.4; P.L.2-1992, SEC.70; P.L.4-1993, SEC.10; P.L.5-1993, SEC.22; P.L.145-2006, SEC.18.
2023 Indiana Code › Title 6. Taxation › Article 5.5. Taxation of Financial Institutions › Chapter 1. Definitions › 6-5.5-1-4. "Commercial Domicile"

Sec. 4. "Commercial domicile" means:
(1) for a regulated financial corporation:
(A) the taxing jurisdiction under the laws of which it is organized; or
(B) if it is organized under the laws of the United States, the place designated as its principal office with the regulatory authority;
(2) if it is a foreign bank, the state where it has established a federal agency or federal branch under Section 4 of the International Banking Act of 1978 (12 U.S.C. 3102) or if it transacts business in more than one (1) state, its home state as provided in Section 5(c) of the International Banking Act of 1978 (12 U.S.C. 3103(c)); or
(3) for all other entities, the principal place from which the trade or business of the entity is directed or managed.
As added by P.L.347-1989(ss), SEC.1.
2023 Indiana Code › Title 6. Taxation › Article 5.5. Taxation of Financial Institutions › Chapter 1. Definitions › 6-5.5-1-5. "Compensation"

Sec. 5. "Compensation" means wages, salaries, commissions, and any other form of remuneration paid to employees for personal services.
As added by P.L.347-1989(ss), SEC.1.
2023 Indiana Code › Title 6. Taxation › Article 5.5. Taxation of Financial Institutions › Chapter 1. Definitions › 6-5.5-1-6. "Corporation"

Sec. 6. "Corporation" means an entity that is:
(1) a corporation (as defined in Internal Revenue Code Section 7701(a)(3)) for federal income tax purposes, including an entity taxed as a corporation under the Internal Revenue Code; and
(2) organized under the laws of the United States, this state, any other taxing jurisdiction, or a foreign government.
As added by P.L.347-1989(ss), SEC.1. Amended by P.L.21-1990, SEC.16.
2023 Indiana Code › Title 6. Taxation › Article 5.5. Taxation of Financial Institutions › Chapter 1. Definitions › 6-5.5-1-8. "Employee"

Sec. 8. "Employee" has the same meaning as it has for purposes of federal income tax withholding under Sections 3401 through 3404 of the Internal Revenue Code.
As added by P.L.347-1989(ss), SEC.1.
2023 Indiana Code › Title 6. Taxation › Article 5.5. Taxation of Financial Institutions › Chapter 1. Definitions › 6-5.5-1-9. "Foreign Bank"

Sec. 9. "Foreign bank" means an entity organized under the laws of a foreign country, a territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands that engages in the business of a financial institution or a subsidiary or affiliate organized under those laws of such an entity. The term includes foreign commercial banks, foreign merchant banks, and other foreign institutions that engage in banking activities that are usually in connection with the business of a financial institution in the countries where the foreign institutions are organized or operating.
As added by P.L.347-1989(ss), SEC.1.
2023 Indiana Code › Title 6. Taxation › Article 5.5. Taxation of Financial Institutions › Chapter 1. Definitions › 6-5.5-1-10. "Gross Income"

Sec. 10. "Gross income" means gross income (as defined in Section 61 of the Internal Revenue Code) for federal income tax purposes.
As added by P.L.347-1989(ss), SEC.1.
2023 Indiana Code › Title 6. Taxation › Article 5.5. Taxation of Financial Institutions › Chapter 1. Definitions › 6-5.5-1-11. "Internal Revenue Code"

Sec. 11. "Internal Revenue Code" has the meaning set forth in IC 6-3-1-11. For purposes of IC 6-5.5, a reference to "article" in IC 6-3-1-11 is considered to also mean a reference in IC 6-5.5.
As added by P.L.347-1989(ss), SEC.1. Amended by P.L.165-2021, SEC.99.
2023 Indiana Code › Title 6. Taxation › Article 5.5. Taxation of Financial Institutions › Chapter 1. Definitions › 6-5.5-1-12. "Nonresident Taxpayer"

Sec. 12. "Nonresident taxpayer" means a taxpayer that:
(1) is transacting business within Indiana, as provided in IC 6-5.5-3; and
(2) has its commercial domicile outside Indiana.
As added by P.L.347-1989(ss), SEC.1. Amended by P.L.68-1991, SEC.2.
2023 Indiana Code › Title 6. Taxation › Article 5.5. Taxation of Financial Institutions › Chapter 1. Definitions › 6-5.5-1-13. "Resident Taxpayer"

Sec. 13. "Resident taxpayer" means a taxpayer that:
(1) is transacting business within Indiana, as provided in IC 6-5.5-3; and
(2) has its commercial domicile in Indiana.
As added by P.L.347-1989(ss), SEC.1.
2023 Indiana Code › Title 6. Taxation › Article 5.5. Taxation of Financial Institutions › Chapter 1. Definitions › 6-5.5-1-14. "Subsidiary"

Sec. 14. "Subsidiary" means:
(1) a corporation fifty percent (50%) or more of whose voting stock; or
(2) an entity other than a corporation that is taxed as a corporation under the Internal Revenue Code and fifty percent (50%) of whose net worth;
is owned by another legal entity.
As added by P.L.347-1989(ss), SEC.1. Amended by P.L.21-1990, SEC.17.
2023 Indiana Code › Title 6. Taxation › Article 5.5. Taxation of Financial Institutions › Chapter 1. Definitions › 6-5.5-1-15. "Taxable Year"

Sec. 15. "Taxable year", with respect to a taxpayer, means the taxable year of the taxpayer as shown on the taxpayer's return required to be filed under the Internal Revenue Code. If a taxpayer does not file a return under the Internal Revenue Code, the taxpayer's taxable year is the calendar year.
As added by P.L.347-1989(ss), SEC.1.
2023 Indiana Code › Title 6. Taxation › Article 5.5. Taxation of Financial Institutions › Chapter 1. Definitions › 6-5.5-1-16. "Taxing Jurisdiction"

Sec. 16. "Taxing jurisdiction" means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or a territory or possession of the United States.
As added by P.L.347-1989(ss), SEC.1.
2023 Indiana Code › Title 6. Taxation › Article 5.5. Taxation of Financial Institutions › Chapter 1. Definitions › 6-5.5-1-18. "Unitary Business"

Sec. 18. (a) "Unitary business" means business activities or operations that are of mutual benefit, dependent upon, or contributory to one another, individually or as a group, in transacting the business of a financial institution. The term may be applied within a single legal entity or between multiple entities and without regard to whether each entity is a corporation, a partnership, a limited liability company, or a trust, provided that each member is either a holding company, a regulated financial corporation, a subsidiary of either, a corporation that conducts the business of a financial institution under IC 6-5.5-1-17(d)(2), or any other entity, regardless of its form, that conducts activities that would constitute the business of a financial institution under IC 6-5.5-1-17(d)(2) if the activities were conducted by a corporation. The term "unitary group" includes those entities that are engaged in a unitary business transacted wholly or partially within Indiana. However, the term does not include an entity that does not transact business in Indiana.
(b) Unity is presumed whenever there is unity of ownership, operation, and use evidenced by centralized management or executive force, centralized purchasing, advertising, accounting, or other controlled interaction among entities that are members of the unitary group, as described in subsection (a). However, the absence of these centralized activities does not necessarily evidence a nonunitary business.
(c) Unity of ownership, when a corporation is involved, does not exist unless that corporation is a member of a group of two (2) or more business entities and more than fifty percent (50%) of the voting stock of each member of the group is directly or indirectly owned by:
(1) a common owner or common owners, either corporate or noncorporate; or
(2) one (1) or more of the member corporations of the group.
As added by P.L.347-1989(ss), SEC.1. Amended by P.L.21-1990, SEC.19; P.L.8-1993, SEC.95; P.L.129-2001, SEC.8.
2023 Indiana Code › Title 6. Taxation › Article 5.5. Taxation of Financial Institutions › Chapter 1. Definitions › 6-5.5-1-19. "Partnership"

Sec. 19. "Partnership" has the meaning set forth in IC 6-3-1-19.
As added by P.L.21-1990, SEC.20. Amended by P.L.159-2021, SEC.27.
2023 Indiana Code › Title 6. Taxation › Article 5.5. Taxation of Financial Institutions › Chapter 1. Definitions › 6-5.5-1-20. "Bonus Depreciation"

Sec. 20. As used in this article, "bonus depreciation" means an amount equal to that part of any depreciation allowance allowed in computing the taxpayer's federal taxable income that is attributable to the additional first-year special depreciation allowance (bonus depreciation) for qualified property allowed under Section 168(k) of the Internal Revenue Code, including the special depreciation allowance for 50-percent bonus depreciation property. For taxable years beginning after December 31, 2017, the term does not include any amount of additional first-year special depreciation allowance under Section 168(k) of the Internal Revenue Code in the amount of adjusted gross income realized on the exchange of property that otherwise would have been deferred under Section 1031 of the Internal Revenue Code in effect on January 1, 2017, if:
(1) the exchange would have been eligible for nonrecognition of gain or loss under Section 1031 of the Internal Revenue Code in effect on January 1, 2017;
(2) the exchange is not eligible for nonrecognition of gain or loss under Section 1031 of the Internal Revenue Code; and
(3) the taxpayer claimed a deduction for the additional first-year special depreciation allowance under Section 168(k) of the Internal Revenue Code with regard to the acquired property.
For purposes of this section, if the taxpayer elected to claim a deduction under Section 179 of the Internal Revenue Code with regard to an item of acquired property, the adjusted gross income realized on the exchange must be reduced (but not below zero dollars ($0)) by the amount of the deduction under Section 179 of the Internal Revenue Code elected to be claimed on the acquired property.
As added by P.L.105-2003, SEC.5. Amended by P.L.246-2005, SEC.76; P.L.234-2019, SEC.17.
2023 Indiana Code › Title 6. Taxation › Article 5.5. Taxation of Financial Institutions › Chapter 1. Definitions › 6-5.5-1-21. "Loans Arising in Factoring"

Sec. 21. (a) "Loans arising in factoring" means:
(1) a loan or extension of credit secured by one (1) or more accounts receivable; or
(2) a sale of one (1) or more accounts receivable in which the purchaser has recourse against the seller for an uncollected accounts receivable.
(b) The term does not refer to:
(1) a sale of one (1) or more accounts receivable without recourse; or
(2) an assignment of an account receivable.
As added by P.L.146-2020, SEC.31.
2023 Indiana Code › Title 6. Taxation › Article 5.5. Taxation of Financial Institutions › Chapter 2. Imposition of Tax › 6-5.5-2-2. Repealed

As added by P.L.347-1989(ss), SEC.1. Amended by P.L.21-1990, SEC.22. Repealed by P.L.6-2000, SEC.5.
2023 Indiana Code › Title 6. Taxation › Article 5.5. Taxation of Financial Institutions › Chapter 2. Imposition of Tax › 6-5.5-2-3. Apportioned Income of Taxpayer Not Filing Combined Return

Sec. 3. For a taxpayer that is not filing a combined return, the taxpayer's apportioned income consists of the taxpayer's adjusted gross income for that year multiplied by the quotient of:
(1) the taxpayer's total receipts attributable to transacting business in Indiana, as determined under IC 6-5.5-4; divided by
(2) the taxpayer's total receipts from transacting business in all taxing jurisdictions, as determined under IC 6-5.5-4.
As added by P.L.347-1989(ss), SEC.1. Amended by P.L.6-2000, SEC.2.
2023 Indiana Code › Title 6. Taxation › Article 5.5. Taxation of Financial Institutions › Chapter 2. Imposition of Tax › 6-5.5-2-4. Apportioned Income of Taxpayer Filing Combined Return for Unitary Group

Sec. 4. For a taxpayer filing a combined return for its unitary group, the group's apportioned income for a taxable year consists of:
(1) the aggregate adjusted gross income, from whatever source derived, of the members of the unitary group; multiplied by
(2) the quotient of:
(A) all the receipts of the taxpayer members of the unitary group that are attributable to transacting business in Indiana; divided by
(B) the receipts of all the members of the unitary group from transacting business in all taxing jurisdictions.
As added by P.L.347-1989(ss), SEC.1. Amended by P.L.68-1991, SEC.5; P.L.6-2000, SEC.3.
2023 Indiana Code › Title 6. Taxation › Article 5.5. Taxation of Financial Institutions › Chapter 2. Imposition of Tax › 6-5.5-2-5. Repealed

As added by P.L.347-1989(ss), SEC.1. Amended by P.L.68-1991, SEC.6. Repealed by P.L.6-2000, SEC.5.
2023 Indiana Code › Title 6. Taxation › Article 5.5. Taxation of Financial Institutions › Chapter 2. Imposition of Tax › 6-5.5-2-6. Credit for Nonresident Taxpayer

Sec. 6. (a) A nonresident taxpayer is entitled to a credit against the tax due under this article for the amount of net income tax, franchise tax, or other tax measured by net income that is due to the nonresident taxpayer's domiciliary state for a taxable year if:
(1) the receipt of interest or other income from a loan or loan transaction is attributed both to the taxpayer's domiciliary state under that state's laws and also to Indiana under IC 6-5.5-4; and
(2) the principal amount of the loan is at least two million dollars ($2,000,000).
(b) The amount of the credit for each taxable year is the lesser of:
(1) the portion of the net income tax, franchise tax, or other tax measured by net income actually paid by the nonresident taxpayer to its domiciliary state that is attributable to the loan or loan transaction; or
(2) the portion of the franchise tax due to Indiana under this article that is attributable to the loan or loan transaction.
The amount determined under subdivisions (1) and (2) shall be reduced by the amount of any credit for the tax due from the nonresident taxpayer under this article (calculated without the allowance for the credit provided under this section) and that may be used by the nonresident taxpayer in calculating the income tax due under the laws of the nonresident taxpayer's domiciliary state.
(c) As used in this section:
(1) "loan" or "loan transaction" refers to an obligation created in a single transaction to pay or repay a sum of money attributed as provided in subsection (a)(1);
(2) the "principal amount" of a loan is limited to the principal amount specified in the loan documents at the time of making the loan and reasonably expected to be advanced during the term of the loan, even though there is more than one (1) advancement. If the loan is a participation loan (as defined in IC 6-5.5-4-13), the principal amount must be calculated separately for each participant and is equal to that portion of the loan committed by each participant; and
(3) a "taxpayer's domiciliary state" is the taxing jurisdiction in which its commercial domicile is located.
(d) The amount of tax attributable to a loan or loan transaction, under the laws of the taxpayer's domiciliary state or under this article, is the portion of the total tax due to each state in an amount equal to the same proportion as the receipts from the loan or loan transaction bear to the total of the taxpayer's receipts.
As added by P.L.347-1989(ss), SEC.1. Amended by P.L.21-1990, SEC.24; P.L.68-1991, SEC.7.
2023 Indiana Code › Title 6. Taxation › Article 5.5. Taxation of Financial Institutions › Chapter 2. Imposition of Tax › 6-5.5-2-7. Exemptions

Sec. 7. Notwithstanding any other provision of this article, there is no tax imposed on the adjusted gross income or apportioned income of the following:
(1) Insurance companies or organizations offering nonprofit agricultural organization insurance coverage subject to the tax under any of the following:
(A) IC 27-1-18-2.
(B) IC 27-1-2-2.3.
(C) IC 6-3.
(D) IC 6-8-15.
(2) International banking facilities (as defined in Regulation D of the Board of Governors of the Federal Reserve System).
(3) Any corporation that is exempt from income tax under Section 1363 of the Internal Revenue Code.
(4) Any corporation exempt from federal income taxation under the Internal Revenue Code, except for the corporation's unrelated business income. However, this exemption does not apply to a corporation exempt from federal income taxation under Section 501(c)(14) of the Internal Revenue Code.
As added by P.L.347-1989(ss), SEC.1. Amended by P.L.21-1990, SEC.25; P.L.68-1991, SEC.8; P.L.1-2003, SEC.47; P.L.269-2003, SEC.11; P.L.129-2014, SEC.2; P.L.194-2023, SEC.27.
2023 Indiana Code › Title 6. Taxation › Article 5.5. Taxation of Financial Institutions › Chapter 2. Imposition of Tax › 6-5.5-2-8. Partnerships; Grantor or Beneficiary of a Trust; Information Return; Withholding

Sec. 8. (a) If a corporation is:
(1) transacting the business of a financial institution (as defined in IC 6-5.5-1-17(d)); and
(2) is a partner in a partnership or the grantor and beneficiary of a trust transacting business in Indiana and the partnership or trust is conducting in Indiana an activity or activities that would constitute the business of a financial institution if transacted by a corporation;
the corporation is a taxpayer under this article and shall, in calculating the corporation's tax liability under this article, include in the corporation's adjusted or apportioned income the corporation's percentage of the partnership or trust adjusted gross income or apportioned income.
(b) A partnership or trust covered by subsection (a):
(1) shall file an information return on an appropriate schedule, with capital and operating losses, modifications, and credits required by this article and any other items specified in the return form by the department. If the taxpayer is a nonresident, or is a member of a unitary group with nonresident members filing a combined return, the return must show the apportionment percentage and supporting amounts necessary to compute the tax under IC 6-5.5-4. A partner's percentage share of the receipts of a taxpayer, for the purpose of apportionment, shall be calculated by using the partner's share of the partnership adjusted gross income;
(2) is subject to the provisions of IC 6-5.5-7-3 relating to taxpayers and IC 6-5.5-7-4 relating to persons when filing the information return; and
(3) shall withhold from all nonresident corporate partners or beneficiaries an amount prescribed in withholding instructions issued by the department. The amount required to be withheld shall be based upon the rate of tax prescribed in IC 6-5.5-2, unless the partner or beneficiary provides the partnership or trust with a written declaration that the partner or beneficiary is not subject to the tax. In such a case the amount withheld shall be the amount prescribed in the withholding instructions issued by the department based upon the Indiana adjusted gross income tax rates. The department shall issue procedures and directions for the withholding required by this subsection that are similar to those contained in IC 6-3-4 concerning the withholding of taxes.
As added by P.L.21-1990, SEC.26. Amended by P.L.68-1991, SEC.9.
2023 Indiana Code › Title 6. Taxation › Article 5.5. Taxation of Financial Institutions › Chapter 3. Business Transaction Rules › 6-5.5-3-1. Transacting Business Within State

Sec. 1. For the purposes of this article, a taxpayer is transacting business within Indiana in a taxable year only if the taxpayer:
(1) maintains an office in Indiana;
(2) has an employee, representative, or independent contractor conducting business in Indiana;
(3) regularly sells products or services of any kind or nature to customers in Indiana that receive the product or service in Indiana;
(4) regularly solicits business from potential customers in Indiana;
(5) regularly performs services outside Indiana that are consumed within Indiana;
(6) regularly engages in transactions with customers in Indiana that involve intangible property, including loans, but not property described in section 8(5) of this chapter, and result in receipts flowing to the taxpayer from within Indiana;
(7) owns or leases tangible personal or real property located in Indiana; or
(8) regularly solicits and receives deposits from customers in Indiana.
As added by P.L.347-1989(ss), SEC.1.
2023 Indiana Code › Title 6. Taxation › Article 5.5. Taxation of Financial Institutions › Chapter 3. Business Transaction Rules › 6-5.5-3-2. Maintains Office

Sec. 2. For purposes of this chapter, a taxpayer is considered to maintain an office wherever the taxpayer has established a regular, continuous, and fixed place of business.
As added by P.L.347-1989(ss), SEC.1.
2023 Indiana Code › Title 6. Taxation › Article 5.5. Taxation of Financial Institutions › Chapter 3. Business Transaction Rules › 6-5.5-3-3. Conducting Business

Sec. 3. An employee, representative, or independent contractor is considered to be conducting business in Indiana if:
(1) the employee, representative, or independent contractor is regularly engaged in the business of the taxpayer in Indiana;
(2) the office from which the employee's, representative's, or independent contractor's activities are directed or controlled is located in Indiana and a majority of the employee's, representative's, or independent contractor's service is not performed in any other taxing jurisdiction; or
(3) a contribution to the Indiana employment security fund is required under IC 22-4-2 with respect to compensation paid to the employee.
As added by P.L.347-1989(ss), SEC.1. Amended by P.L.21-1990, SEC.27.
2023 Indiana Code › Title 6. Taxation › Article 5.5. Taxation of Financial Institutions › Chapter 3. Business Transaction Rules › 6-5.5-3-4. Regularly Solicit Business; Presumption

Sec. 4. A person is presumed, subject to rebuttal, to regularly solicit business within Indiana if:
(1) the person conducts activities described in section 1(3), 1(5), and 1(6) of this chapter with twenty (20) or more customers within Indiana during the taxable year; or
(2) the sum of the person's assets, including the assets arising from loan transactions, and the absolute value of the person's deposits attributable to Indiana equal at least five million dollars ($5,000,000).
As added by P.L.347-1989(ss), SEC.1. Amended by P.L.21-1990, SEC.28; P.L.68-1991, SEC.10.
2023 Indiana Code › Title 6. Taxation › Article 5.5. Taxation of Financial Institutions › Chapter 3. Business Transaction Rules › 6-5.5-3-5. Tangible Assets, Intangible Assets, and Deposits Attributable to State

Sec. 5. For purposes of this chapter, tangible assets are attributable to this state if they are located in Indiana. Intangible assets are attributable to this state if the income earned on those assets is attributable to this state under this article. Deposits are attributed to this state if they are deposits made by this state or residents, political subdivisions, or agencies and instrumentalities of this state regardless of whether the deposits are accepted or maintained by the taxpayer at locations within Indiana.
As added by P.L.347-1989(ss), SEC.1.
2023 Indiana Code › Title 6. Taxation › Article 5.5. Taxation of Financial Institutions › Chapter 3. Business Transaction Rules › 6-5.5-3-6. Tangible Property; Located in State

Sec. 6. Except as otherwise provided in section 7 of this chapter, tangible property, including leased property, is considered to be located in Indiana if the property is physically situated in Indiana.
As added by P.L.347-1989(ss), SEC.1.
2023 Indiana Code › Title 6. Taxation › Article 5.5. Taxation of Financial Institutions › Chapter 3. Business Transaction Rules › 6-5.5-3-7. Moving Property; Located in State

Sec. 7. For purposes of this article, tangible personal property that is characteristically moving property, such as motor vehicles, rolling stock, aircraft, vessels, and mobile equipment, is considered to be located in Indiana if:
(1) the operation of the property is entirely in Indiana; or
(2) the operation of the property is not entirely in Indiana and:
(A) the operation outside Indiana is occasional and incidental to the operation in Indiana;
(B) the principal base of operations from which the property is sent out is in Indiana; or
(C) Indiana is the commercial domicile of the lessee or other user of the property and there is no principal base of operations.
As added by P.L.347-1989(ss), SEC.1.
2023 Indiana Code › Title 6. Taxation › Article 5.5. Taxation of Financial Institutions › Chapter 3. Business Transaction Rules › 6-5.5-3-8. Events Not Considered Transacting Business in State

Sec. 8. Notwithstanding any other provision of this chapter, a taxpayer, except for a trust company formed under IC 28-1-4 (repealed July 1, 2022), is not considered to be transacting business in Indiana if the only activities of the taxpayer in Indiana are or are in connection with any of the following:
(1) Maintaining or defending an action or suit.
(2) Filing, modifying, renewing, extending, or transferring a mortgage, deed of trust, or security interest.
(3) Acquiring, foreclosing, or otherwise conveying property in Indiana as a result of a default under the terms of a mortgage, deed of trust, or other security instrument relating to the property.
(4) Selling tangible personal property, if taxation under this article is precluded by 15 U.S.C. 381 through 384.
(5) Owning an interest in the following types of property, including those activities within Indiana that are reasonably required to evaluate and complete the acquisition or disposition of the property, the servicing of the property or the income from the property, the collection of income from the property, or the acquisition or liquidation of collateral relating to the property:
(A) An interest in a real estate mortgage investment conduit, a real estate investment trust, or a regulated investment company (as those terms are defined in the Internal Revenue Code).
(B) An interest in a loan backed security representing ownership or participation in a pool of promissory notes or certificates of interest that provide for payments in relation to payments or reasonable projections of payments on the notes or certificates.
(C) An interest in a loan or other asset from which the interest is attributed in IC 6-5.5-4-4, IC 6-5.5-4-5, and IC 6-5.5-4-6 and in which the payment obligations were solicited and entered into by a person that is independent and not acting on behalf of the owner.
(D) An interest in the right to service or collect income from a loan or other asset from which interest on the loan or other asset is attributed in IC 6-5.5-4-4, IC 6-5.5-4-5, and IC 6-5.5-4-6 and in which the payment obligations were solicited and entered into by a person that is independent and not acting on behalf of the owner.
(E) An amount held in an escrow or a trust account with respect to property described in this subdivision.
(6) Acting:
(A) as an executor of an estate;
(B) as a trustee of a benefit plan;
(C) as a trustee of an employees' pension, profit sharing, or other retirement plan;
(D) as a trustee of a testamentary or inter vivos trust or corporate indenture; or
(E) in any other fiduciary capacity, including holding title to real property in Indiana.
As added by P.L.347-1989(ss), SEC.1. Amended by P.L.68-1991, SEC.11; P.L.9-2022, SEC.10.
2023 Indiana Code › Title 6. Taxation › Article 5.5. Taxation of Financial Institutions › Chapter 4. Rules for Attributing Receipts › 6-5.5-4-1. Application of Chapter

Sec. 1. This chapter applies to all taxpayers.
As added by P.L.347-1989(ss), SEC.1. Amended by P.L.6-2000, SEC.4.
2023 Indiana Code › Title 6. Taxation › Article 5.5. Taxation of Financial Institutions › Chapter 4. Rules for Attributing Receipts › 6-5.5-4-2. Definitions

Sec. 2. For purposes of computing receipts or the receipts factor under this article the following apply:
(1) "Receipts" means gross income (as defined in IC 6-5.5-1-10), plus the gross income excluded under Section 103 of the Internal Revenue Code, less gross income derived from sources outside the United States. However, upon the disposition of assets such as securities and money market transactions, when derived from transactions and activities in the regular course of the taxpayer's trade or business, receipts are limited to the gain (as defined in Section 1001 of the Internal Revenue Code) that is recognized upon the disposition.
(2) "Money market instruments" means federal funds sold and securities purchased under agreements to resell, commercial paper, banker's acceptances, and purchased certificates of deposit and similar instruments.
(3) "Securities" means United States Treasury securities, obligations of United States government agencies and corporations, obligations of state and political subdivisions, corporate stock and other securities, participations in securities backed by mortgages held by United States or state government agencies, loan backed securities and similar investments.
As added by P.L.347-1989(ss), SEC.1. Amended by P.L.21-1990, SEC.29; P.L.68-1991, SEC.12.
2023 Indiana Code › Title 6. Taxation › Article 5.5. Taxation of Financial Institutions › Chapter 4. Rules for Attributing Receipts › 6-5.5-4-3. Lease or Rental of Real or Tangible Personal Property

Sec. 3. Receipts from the lease or rental of real or tangible personal property must be attributed to Indiana if the property is located in Indiana.
As added by P.L.347-1989(ss), SEC.1.
2023 Indiana Code › Title 6. Taxation › Article 5.5. Taxation of Financial Institutions › Chapter 4. Rules for Attributing Receipts › 6-5.5-4-4. Secured Loans or Installment Sales Contracts; Interest Income and Other Receipts

Sec. 4. Interest income and other receipts from assets in the nature of loans or installment sales contracts that are primarily secured by or deal with real or tangible personal property must be attributed to Indiana if the security or sale property is located in Indiana.
As added by P.L.347-1989(ss), SEC.1.
2023 Indiana Code › Title 6. Taxation › Article 5.5. Taxation of Financial Institutions › Chapter 4. Rules for Attributing Receipts › 6-5.5-4-5. Unsecured Consumer Loans; Interest Income and Other Receipts

Sec. 5. Interest income and other receipts from consumer loans not secured by real or tangible personal property must be attributed to Indiana if the loan is made to a resident of Indiana, whether at a place of business, by a traveling loan officer, by mail, by telephone, or by other electronic means.
As added by P.L.347-1989(ss), SEC.1.
2023 Indiana Code › Title 6. Taxation › Article 5.5. Taxation of Financial Institutions › Chapter 4. Rules for Attributing Receipts › 6-5.5-4-6. Unsecured Commercial Loans or Installment Obligations; Interest Income and Other Receipts to Be Applied in State

Sec. 6. Interest income and other receipts from commercial loans and installment obligations not secured by real or tangible personal property must be attributed to Indiana if the proceeds of the loan are to be applied in Indiana. If it cannot be determined where the funds are to be applied, the income and receipts are attributed to the state in which the business applied for the loan. As used in this section, "applied for" means initial inquiry (including customer assistance in preparing the loan application) or submission of a completed loan application, whichever occurs first.
As added by P.L.347-1989(ss), SEC.1.
2023 Indiana Code › Title 6. Taxation › Article 5.5. Taxation of Financial Institutions › Chapter 4. Rules for Attributing Receipts › 6-5.5-4-7. Fee Income and Other Receipts From Letters of Credit, Acceptance of Drafts, and Other Guarantees of Credit; Apportionment

Sec. 7. Fee income and other receipts from letters of credit, acceptance of drafts, and other devices for assuring or guaranteeing loans or credit must be apportioned in the same manner as interest income and other receipts from commercial loans are apportioned.
As added by P.L.347-1989(ss), SEC.1.
2023 Indiana Code › Title 6. Taxation › Article 5.5. Taxation of Financial Institutions › Chapter 4. Rules for Attributing Receipts › 6-5.5-4-8. Credit Cards; Apportionment of Service Charges, Interest Income, and Fees

Sec. 8. Interest income, merchant discount, and other receipts including service charges from financial institution credit card and travel and entertainment credit card receivables and credit card holders' fees must be attributed to the state to which the card charges and fees are regularly billed.
As added by P.L.347-1989(ss), SEC.1.
2023 Indiana Code › Title 6. Taxation › Article 5.5. Taxation of Financial Institutions › Chapter 4. Rules for Attributing Receipts › 6-5.5-4-9. Receipts From Sale of Assets; Apportionment

Sec. 9. Receipts from the sale of an asset, tangible or intangible, must be apportioned in the manner that the income from the asset would be apportioned under this chapter.
As added by P.L.347-1989(ss), SEC.1.
2023 Indiana Code › Title 6. Taxation › Article 5.5. Taxation of Financial Institutions › Chapter 4. Rules for Attributing Receipts › 6-5.5-4-10. Receipts From Performance of Fiduciary and Other Services; Apportionment

Sec. 10. Receipts from the performance of fiduciary and other services must be attributed to the state in which the benefits of the services are consumed. If the benefits are consumed in more than one (1) state, the receipts from those benefits must be apportioned to Indiana on a pro rata basis according to the portion of the benefits consumed in Indiana.
As added by P.L.347-1989(ss), SEC.1.
2023 Indiana Code › Title 6. Taxation › Article 5.5. Taxation of Financial Institutions › Chapter 4. Rules for Attributing Receipts › 6-5.5-4-11. Receipts From Traveler's Checks, Money Orders, or Savings Bonds

Sec. 11. Receipts from the issuance of traveler's checks, money orders, or United States savings bonds must be attributed to the state in which the traveler's checks, money orders, or bonds are purchased.
As added by P.L.347-1989(ss), SEC.1.
2023 Indiana Code › Title 6. Taxation › Article 5.5. Taxation of Financial Institutions › Chapter 4. Rules for Attributing Receipts › 6-5.5-4-12. Receipts From Investments of Financial Institution in State Securities

Sec. 12. Receipts from investments of a financial institution in securities of this state and its political subdivisions, agencies, and instrumentalities must be attributed to Indiana.
As added by P.L.347-1989(ss), SEC.1.
2023 Indiana Code › Title 6. Taxation › Article 5.5. Taxation of Financial Institutions › Chapter 4. Rules for Attributing Receipts › 6-5.5-4-13. Participation Loans; Apportionment of Interest Income and Other Receipts

Sec. 13. Interest income and other receipts from a participating financial institution's portion of participation loans must be attributed under this chapter. A participation loan is a loan in which more than one (1) lender is a creditor to a common borrower.
As added by P.L.347-1989(ss), SEC.1.