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Indiana Code — Title 6 (Taxation)

IC 6-5.5-2-7

Exemptions

Official textiga.in.govlast amended

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 or organizations offering nonprofit agricultural organization insurance coverage 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.

# (D)

IC 6-8-15.

# (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; P.L.194-2023, SEC.27.

Amendment history

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; P.L.194-2023, SEC.27.

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Nearby sections (25 sections)
  1. 6-5.5-1-17 · "Taxpayer"
  2. 6-5.5-1-18 · "Unitary business"
  3. 6-5.5-1-19 · "Partnership"
  4. 6-5.5-1-20 · "Bonus depreciation"
  5. 6-5.5-1-21 · "Loans arising in factoring"
  6. 6-5.5-2-1 · Computation of franchise tax
  7. 6-5.5-2-2 · Repealed
  8. 6-5.5-2-3 · Apportioned income of taxpayer not filing combined return
  9. 6-5.5-2-4 · Apportioned income of taxpayer filing combined return for
  10. 6-5.5-2-5 · Repealed
  11. 6-5.5-2-5.3 · Repealed
  12. 6-5.5-2-6 · Credit for nonresident taxpayer
  13. 6-5.5-2-7 · Exemptions
  14. 6-5.5-2-8 · Partnerships; grantor or beneficiary of a trust; information
  15. 6-5.5-3-1 · Transacting business within state
  16. 6-5.5-3-2 · Maintains office
  17. 6-5.5-3-3 · Conducting business
  18. 6-5.5-3-4 · Regularly solicit business; presumption
  19. 6-5.5-3-5 · Tangible assets, intangible assets, and deposits…
  20. 6-5.5-3-6 · Tangible property; located in state
  21. 6-5.5-3-7 · Moving property; located in state
  22. 6-5.5-3-8 · Events not considered transacting business in state
  23. 6-5.5-4-1 · Application of chapter
  24. 6-5.5-4-2 · Definitions
  25. 6-5.5-4-3 · Lease or rental of real or tangible personal property
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