Indiana Code — Title 6 (Taxation)
IC 6-3-4.5-12
Irrevocable election; no deduction or credit; other state or
local tax jurisdictions
Sec. 12.
# (a)
The election made pursuant to section 9(c) of this chapter is irrevocable unless the department, in its discretion, determines otherwise.
# (b)
If properly reported and paid by the audited partnership or tiered partner, the amount determined under section 9(c)(2) of this chapter or similarly under an optional election under section 11 of this chapter, will be treated as paid in lieu of taxes owed by its direct and indirect partners, to the extent applicable, on the same final federal adjustments. The direct partners or indirect partners may not take any deduction or credit for this amount or claim a refund of the amount in this state. However, nothing in this subsection shall preclude a direct partner from claiming a credit for any amounts paid by the audited partnership or tiered partner on the direct partner's behalf to another state or local tax jurisdiction in accordance with provisions in IC 6-3-3-3 and IC 6-3.6-8-6.
# (c)
If the department determines that a partnership made an election under section 9(c) of this chapter that was improper with regard to one (1) or more partners or adjustments, the department may treat the election as invalid with regard to the partners or adjustments and treat any tax applicable to such partners as tax withheld by the partnership on any affected partner's behalf.
As added by P.L.159-2021, SEC.18.
Amendment history
As added by P.L.159-2021, SEC.18.
Source: view the official text
Nearby sections (25 sections)
- 6-3-4.5-1 · Definitions
- 6-3-4.5-2 · Amended return; pass through entity; adjustment for a review
- 6-3-4.5-3 · Department audit or investigation; tax attribute; report of
- 6-3-4.5-3.5 · Underreporting of tax due by partner in partnership
- 6-3-4.5-4 · Partnership's right to protest and appeal
- 6-3-4.5-5 · Report of partnership adjustments; timing; protest; appeal;
- 6-3-4.5-6 · Partnership duties; partner level adjustments report;
- 6-3-4.5-7 · Partner level adjustments report; assessment; adjustments to
- 6-3-4.5-8 · Filing of amended partnership return; remittance; tiered
- 6-3-4.5-9 · Partnership level audit; final federal adjustments;…
- 6-3-4.5-10 · Reporting and payment requirements; tiered partners; rules
- 6-3-4.5-11 · Procedures; alternative reporting and payment method;
- 6-3-4.5-12 · Irrevocable election; no deduction or credit; other state…
- 6-3-4.5-13 · Designation of a state partnership representative;
- 6-3-4.5-14 · Changes to a report of final partnership adjustments;…
- 6-3-4.5-15 · Reports; proposed assessment; timing; protest; appeal
- 6-3-4.5-16 · Incorrect reporting of tax attributes; proposed assessment;
- 6-3-4.5-17 · Inconsistent reporting of tax attribute; disclosure;…
- 6-3-4.5-18 · Reporting requirements; liability for tax; proposed…
- 6-3-4.5-19 · Remitting payment on behalf of a partner; claim for refund
- 6-3-4.5-20 · Partnership with more than 10,000 direct owners; extension…
- 6-3-5-1 · Nonresidents; Indiana income
- 6-3-5-2 · Repealed
- 6-3-5-3 · Indiana residents working in Illinois
- 6-3-5-4 · Mutual economic development agreements with bordering