Form It-65 - Indiana Partnership Return Booklet - 2013 Page 3
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32Indiana Department of Revenue
2013 IT-65 - Indiana Partnership Return Booklet
What’s New for 2013
Who Must File and When
Partnerships conducting business within Indiana must file an annual
Several Addbacks Eliminated
return (Form IT-65) and an information return (IT-65 IN K-1) with
The following addbacks have been eliminated retroactively for tax
the department. These forms must disclose each partner’s share of
years beginning after Dec. 31, 2011:
distributed and undistributed income. These forms are due on or
•
Qualified advanced mine safety equipment
before the 15th day of the fourth month following the close of the
•
Qualified leasehold property
partnership’s tax year.
•
Qualified restaurant property
•
Qualified retail improvement property
Enclose with Form IT-65 the first four pages of the U.S. Partnership
•
Seven-year property for a motorsports entertainment
Return of Income, Form 1065 or 1065B. Also enclose Schedule M-3.
complex
Federal Schedules K-1 should not be enclosed but must be made
available for inspection upon request by the department.
See the instructions beginning on page 9 for information on how to
update your tax filing if you reported any of these addbacks on your
Any partnership doing business in Indiana or deriving gross income
2012 state tax return.
from sources within Indiana is required to file a return. The following
activities occurring in Indiana constitute doing business or deriving
The following addbacks have been eliminated for tax years beginning
income from Indiana sources:
after Dec. 31, 2012:
1. The maintenance of an office, a warehouse, a construction
•
Additional business startup expenditures
site, or another place of business;
•
Expensing of environmental remediation costs
2. The maintenance of an inventory of merchandise or material
•
Oil and gas well depletion deduction
for sale, distribution, or manufacture, or consigned goods;
•
Qualified electric utility amortization
3. The sale or distribution of merchandise to customers directly
from company-owned or -operated vehicles when the title of
See the instructions beginning on page 9 for information on how the
merchandise is transferred from the seller or distributor to
elimination of these addbacks might impact your state tax filing.
the customer at the time of sale or distribution;
4. The rendering of a service to customers in Indiana;
Nonresident Partners Can Opt Out of
5. The ownership, rental, or operation of a business or property
(real or personal) in Indiana;
Composite Return
6. The acceptance of orders in Indiana with no right of approval
Nonresident partners can now opt out of the composite return. To
or rejection in another state;
do so, they must complete an affidavit, IN-COMPA, stating that they
7. Interstate transportation; or
want to opt out and submit that to the partnership. The partnership
8. The maintenance of a public utility.
must continue to remit the withholding taxes for those partners
who opt out by using the WH-1. For all partners included on the
The term “partnership” includes a syndicate, group, pool, joint
composite return, the partnership should remit withholding by using
venture, limited liability company, limited liability partnership, or
the newly created Form IT-6WTH.
other unincorporated organization that is not, within the meaning of
Indiana Code (IC) 6-3-1, a corporation, a trust, or an estate. Banks
The IN-COMPA must be completed and submitted to the
with common trust funds filing U.S. Form 1065 must file partnership
partnership every year that the partner wishes to opt out of the
Form IT-65 and comply with the provisions of Treas. Reg. 1.6032-1
composite return. It must be submitted to the partnership by the 15th
when reporting for Indiana purposes.
day of the 4th month following the close of the partnership’s tax year.
Utility Receipts Tax
School Scholarship Credit Changes
A Utility Receipts Tax is imposed at the rate of 1.4 percent of the
Effective Jan. 1, 2013, the school scholarship tax credit can now
taxable receipts from the retail sale of utility services. Use Form
be carried forward for nine years after the unused credit year. The
URT-1 for this tax. Gross receipts are defined as the value received
maximum annual credit for all taxpayers has also increased from
for the retail sale of utility services. The utility services subject to tax
$5 million to $7.5 million.
include
•
Electric energy;
References to the Internal Revenue Code
•
Natural gas;
Public Law (PL) 205-2013, SEC. 53 updates references to the Internal
•
Water;
Revenue Code in certain Indiana tax statutes. For tax year 2013, any
•
Steam;
•
reference to the Internal Revenue Code and subsequent regulations
Sewage; and
means the Internal Revenue Code (IRC) of 1986, as amended and in
•
Telecommunications.
effect on Jan. 1, 2013.
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