Authority: IC 6-5.5-9-1

Affected: IC 6-5.5-1-17; IC 6-5.5-2-8

Sec. 1. (a) The Financial Institutions Tax (FIT) is intended to tax both traditional financial institutions (such as banks and savings and loans, etc.), that are transacting business within Indiana, as well as other types of businesses that are deemed to be transacting the business of a financial institution in Indiana.

(b) The FIT is a franchise tax imposed upon a corporation that:

1. (1) is transacting the business of a financial institution in Indiana;
2. (2) is a partner in a partnership that is transacting the business of a financial institution in Indiana; or
3. (3) is the grantor and beneficiary of a trust that is transacting the business of a financial institution in Indiana.

(Department of State Revenue; 45 IAC 17-2-1; filed Jan 22, 1991, 4:55 p.m.: 14 IR 1210)