Annual operating deduction
Sec. 1. (a) Each taxable year a taxpayer is entitled to deduct from
the taxpayer's gross receipts an amount equal to the product of:
(1) one thousand dollars ($1,000); multiplied by
(2) a fraction.
The numerator of the fraction is the number of days in the taxpayer's
taxable year for which the taxpayer is subject to the utility receipts
tax, and the denominator of the fraction is the number of days in the
taxpayer's taxable year.
(b) If a taxpayer files quarterly gross receipts tax returns the
taxpayer may use a proportionate part of the deduction provided by
subsection (a) for each return filed.
(c) A taxpayer is entitled to only one (1) deduction under this
section each taxable year, regardless of the number of partners or
participants in the organization.
(d) An affiliated group that files a consolidated return under
IC 6-2.3-6-5 is entitled to only one (1) deduction under this section
on that consolidated return.
As added by P.L.192-2002(ss), SEC.47.
Last modified: May 28, 2006