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Indiana Code Title 6. Taxation § 6-3-2.1-3

Current as of January 02, 2024 | Updated by Findlaw Staff

<P.L.1-2023, Sec.5, added this section retroactively, effective Jan. 1, 2022.>

Sec. 3. (a) For purposes of this section, “authorized person” means any individual with the authority from the electing entity to bind the electing entity or sign returns on its behalf.

(b) Each taxable year, an authorized person may elect, on behalf of the electing entity, to have the adjusted gross income tax under IC 6-3-1 through IC 6-3-7 imposed upon the electing entity.  The entity owners shall remain liable for adjusted gross income tax under IC 6-3-1 through IC 6-3-7 on their share of the electing entity's adjusted gross income but with the credit provided to the entity owners as set forth in section 5 of this chapter.

(c) The election is applicable for the taxable year of the return.

(d) The following apply to an election under this section:

(1) For taxable years beginning after December 31, 2022, the election may be made at any time during the taxable year or after the end of the taxable year, but not later than the earlier of:

(A) the due date of the electing entity's return for the taxable year, including any extensions;  or

(B) the date the electing entity files its return for the taxable year.

(2) For taxable years beginning after December 31, 2021, and before January 1, 2023, the election must be made after March 31, 2023, and before August 31, 2024.

(3) The election shall be made in the form and manner prescribed by the department.

(4) The election, once made for a taxable year, is irrevocable, provided that an election under subdivision (2) may be made on an amended return if the electing entity filed a return on or before April 18, 2023.

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Cite this article: FindLaw.com - Indiana Code Title 6. Taxation § 6-3-2.1-3 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-6-taxation/in-code-sect-6-3-2-1-3/

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