Exemption; nonprofit entities; Subchapter S corporations;
financial institutions; insurance companies; international banking
facilities
Sec. 2.8. Notwithstanding any provision of IC 6-3-1 through
IC 6-3-7, there shall be no tax on the adjusted gross income of the
following:
(1) Any organization described in Section 501(a) of the Internal
Revenue Code, except that any income of such organization
which is subject to income tax under the Internal Revenue Code
shall be subject to the tax under IC 6-3-1 through IC 6-3-7.
(2) Any corporation which is exempt from income tax under
Section 1363 of the Internal Revenue Code and which complies
with the requirements of IC 6-3-4-13. However, income of a
corporation described under this subdivision that is subject to
income tax under the Internal Revenue Code is subject to the
tax under IC 6-3-1 through IC 6-3-7. A corporation will not lose
its exemption under this section because it fails to comply with
IC 6-3-4-13 but it will be subject to the penalties provided by
IC 6-8.1-10.
(3) Banks and trust companies, national banking associations,
savings banks, building and loan associations, and savings and
loan associations.
(4) Insurance companies subject to tax under IC 27-1-18-2,
including a domestic insurance company that elects to be taxed
under IC 27-1-18-2.
(5) International banking facilities (as defined in Regulation D
of the Board of Governors of the Federal Reserve System (12
CFR 204)).
As added by P.L.47-1984, SEC.5. Amended by P.L.42-1993, SEC.3;
P.L.18-1994, SEC.8; P.L.192-2002(ss), SEC.74.
Last modified: May 28, 2006