Form Ft-Qp - Indiana Financial Institution Tax Estimated Quarterly Returns

Estimated Quarterly Financial Institution Tax Payments

2000

Indiana Financial Institution Tax

Instructions for Estimated Indiana Financial Institution Tax

I.C. 6-5.5-2-1 imposes an 8.5% franchise tax on the adjusted gross income of a corporation

This packet contains the Estimated Quarterly Financial Institution Tax Returns, Form FT-

that is transacting the business of a financial institution including: a holding company, a

QP for the State of Indiana. Use this form for remitting the required estimated quarterly

regulated financial corporation, or a subsidiary of the above. Any taxpayer subject to tax

financial institution tax payments for the current calendar year ending in December 2000,

under I.C. 6-5.5 is exempt from Indiana’s gross, adjusted gross and supplemental net

or fiscal year ending in 2001. The annual Financial Institution Tax Return, Form FIT-20,

income taxes as well as the former bank and savings & loan taxes under I.C. 6-5.

is available in a separate booklet.

The franchise tax extends to both resident and nonresident financial institutions and to all

Form FT-QP is to be used by financial institutions required to file estimated quarterly tax

other corporate entities when eighty percent (80%) of gross income is derived from

returns unless an organization is remitting via electronic funds transfer (EFT). The FT-

activities which constitute the business of a financial institution. The business of a

QP return must be filed on or before the specified due date for each quarter.

financial institution is defined as activities authorized by the federal reserve board; the

making, acquiring, selling, or servicing of loans or extensions of credit; or operating a

Do not use Form FT-QP to remit income tax withholding for nonresident shareholders,

credit card, debt card or charge card business. See the tax computation example on

partners or contractors. All tax withholding payments must be made directly to a

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withholding account on the appropriate withholding return.

Entities subject to this tax file annual Form FIT-20. For further information on the financial

If the annual tax liability is less than one thousand dollars ($1000), estimated payments

institution tax, request Commissioner’s Directive #14 from the Department or call the

are not required to be made.

Corporate Income Tax Section: (317) 615-2660.

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Form Ft-Qp - Indiana Financial Institution Tax Estimated Quarterly Returns - 2000 Page 3