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.
Last modified: May 28, 2006