Indiana § 6-5.5-1-18 "Unitary business"

Indiana Statutes

§ 6-5.5-1-18 — "Unitary business"

Indiana § 6-5.5-1-18

Art. 5.5TAXATION OF FINANCIAL INSTITUTIONS

Ch. 1Definitions

This text of Indiana § 6-5.5-1-18 ("Unitary business") is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 6-5.5-1-18 (2026).

Text

(a)"Unitary business" means business activities or operations that are of mutual benefit, dependent upon, or contributory to one another, individually or as a group, in transacting the business of a financial institution. The term may be applied within a single legal entity or between multiple entities and without regard to whether each entity is a corporation, a partnership, a limited liability company, or a trust, provided that each member is either a holding company, a regulated financial corporation, a subsidiary of either, a corporation that conducts the business of a financial institution under IC 6-5.5-1-17(d)(2), or any other entity, regardless of its form, that conducts activities that would constitute the business of a financial institution under IC 6-5.5-1-17(d)(2) if the activ

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(a) "Unitary business" means business
activities or operations that are of mutual benefit, dependent upon, or
contributory to one another, individually or as a group, in transacting
the business of a financial institution. The term may be applied within
a single legal entity or between multiple entities and without regard to
whether each entity is a corporation, a partnership, a limited liability
company, or a trust, provided that each member is either a holding
company, a regulated financial corporation, a subsidiary of either, a
corporation that conducts the business of a financial institution under
IC 6-5.5-1-17(d)(2), or any other entity, regardless of its form, that
conducts activities that would constitute the business of a financial
institution under IC 6-5.5-1-17(d)(2) if the activities were conducted
by a corporation. The term "unitary group" includes those entities that
are engaged in a unitary business transacted wholly or partially within
Indiana. However, the term does not include an entity that does not
transact business in Indiana.
(b) Unity is presumed whenever there is unity of ownership,
operation, and use evidenced by centralized management or executive
force, centralized purchasing, advertising, accounting, or other
controlled interaction among entities that are members of the unitary
group, as described in subsection (a). However, the absence of these
centralized activities does not necessarily evidence a nonunitary
business.
(c) Unity of ownership, when a corporation is involved, does not
exist unless that corporation is a member of a group of two (2) or more
business entities and more than fifty percent (50%) of the voting stock
of each member of the group is directly or indirectly owned by:
(1) a common owner or common owners, either corporate or
noncorporate; or
(2) one (1) or more of the member corporations of the group.