Affiliated groups; consolidated utility receipts tax returns; election
Sec. 5. (a) Corporations are affiliated if at least eighty percent
(80%) of the voting stock of one (1) corporation (exclusive of
directors' qualifying shares) is owned by the other corporation. Every
corporation affiliated with another corporation is affiliated with
every corporation that is affiliated with such other corporation. All
corporations so affiliated constitute an affiliated group.
(b) Corporate members of an affiliated group that are incorporated
in Indiana or are authorized to do business in Indiana may file a
consolidated utility receipts tax return.
(c) Each corporate member of an affiliated group that files a
consolidated utility receipts tax return is jointly and severally liable
for the utility receipts tax imposed on the affiliated group and on
each member of that group.
(d) An affiliated group must elect at the time it files its first
annual return whether or not it will file a consolidated utility receipts
tax return or whether each corporate member of the group will file
a separate utility receipts tax return. After the taxpayer's election is
made, the group must file utility receipts tax returns in the same
manner as the group's first annual return is filed, unless the
department allows the group to change the manner in which it files
utility receipts tax returns.
(e) The first consolidated utility receipts tax return filed by an
affiliated group may be filed by any member of the group
incorporated in Indiana or authorized to do business in Indiana.
Subsequent consolidated returns shall be filed by the member who
filed the first consolidated return for the group, unless the department
allows another member to file the group's consolidated returns.
As added by P.L.192-2002(ss), SEC.47.
Last modified: May 28, 2006