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 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.
(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.
Structure Indiana Code
Article 5.5. Taxation of Financial Institutions
6-5.5-2-1. Computation of Franchise Tax
6-5.5-2-3. Apportioned Income of Taxpayer Not Filing Combined Return
6-5.5-2-4. Apportioned Income of Taxpayer Filing Combined Return for Unitary Group
6-5.5-2-6. Credit for Nonresident Taxpayer
6-5.5-2-8. Partnerships; Grantor or Beneficiary of a Trust; Information Return; Withholding