Indiana Administrative Code — Title 45 (Dept. of State Revenue)
45 IAC 3.1-1-65
Exempt organizations and income; report
Sec. 65. Exempt Organizations. Organizations exempt from Federal income tax under IRC §501 (a) are exempt from adjusted gross
income tax. However, this exemption extends only to income of such organizations which is not taxable for Federal tax purposes. Thus organizations
subject to tax under IRC §511 on their unrelated business income are also subject to adjusted gross income tax on such income.
Exempt organizations are required to file an annual report by the fifteenth day of the fifth month following the close of the tax year. Those
organizations having unrelated business income must report such income by filing an annual income tax return no later than the time the annual report
is due. The organization must make quarterly payments of adjusted gross income tax and file quarterly income tax returns if its adjusted gross income
tax liability exceeds its gross income tax liability by $1000. See Regulation 6-3-4-4 (020) [45 IAC 3.1-1-92].
For the supplemental net income tax liability of exempt organizations having unrelated business income, see Regulation 6-3-2-3.1 (010)
[45 IAC 3.1-1-68].
Amendment history
(Department of State Revenue; Reg 6-3-2-3(a)(010); filed Oct 15, 1979, 11:15 am: 2 IR 1533; errata, 2 IR 1743)
Source: view the official text
Nearby sections (25 sections)
- 3.1-1-53 · In-state sales of tangible personal property
- 3.1-1-54 · Definition of sales to United States government
- 3.1-1-55 · Attribution of sales to state
- 3.1-1-56 · Allocation of nonbusiness income
- 3.1-1-57 · Rents and royalties from real property and tangible personal…
- 3.1-1-58 · Allocation of capital gains and losses
- 3.1-1-59 · Interest as nonbusiness income
- 3.1-1-60 · Dividends as business income
- 3.1-1-61 · Patent and copyright royalties as nonbusiness income
- 3.1-1-62 · Special cases of allocation and apportionment
- 3.1-1-63 · Apportionment in absence of one or more factors
- 3.1-1-64 · Definition of taxable in another state
- 3.1-1-65 · Exempt organizations and income; report
- 3.1-1-66 · Subchapter S corporations and shareholders
- 3.1-1-67 · Subchapter S corporation reports; taxation of shareholders
- 3.1-1-68 · Unrelated business income of exempt organizations
- 3.1-1-69 · Federal civil service annuity income
- 3.1-1-70 · Military pay
- 3.1-1-71 · Credits and adjustments for taxes withheld
- 3.1-1-72 · Credit for other taxes paid by corporation (Repealed)
- 3.1-1-73 · Completed contract accounting; credit for taxes paid…
- 3.1-1-74 · Credit for other state income taxes
- 3.1-1-75 · Nonresident credit from other states
- 3.1-1-76 · Reciprocity
- 3.1-1-77 · Nonresident reverse credit reciprocity