FIT-20 Schedule E-U Indiana Department of Revenue
State Form 44622  
(R22 / 8-23)        2023 Indiana Financial Institution Tax Return
                    Apportionment of Receipts to Indiana
                                                    (See instructions)

Name of Corporation                                                                                         Federal Employer Identification Number

The following information must be completed by all taxpayers and taxpayers filing combined unitary returns. This will include all state 
(non-federal) chartered credit unions and investment companies carrying on the business of a financial institution in Indiana.

                                                                                                          A                      B
                                                                                                          Total Receipts         Total Receipts  
                                                                                                      Attributed to Indiana      Everywhere

1.  Lease or rental of real or tangible personal property ......................                      1A                      1B
2.  Interest income and other receipts from assets in the nature  
of loans or installment sales contracts secured by real or  
tangible personal property ..............................................................             2A                      2B
3.  Interest income and other receipts from unsecured consumer  
loans ............................................................................................... 3A                      3B
4.  Interest income and other receipts from commercial loans  
and installment obligations not secured by real or tangible  
personal property ............................................................................        4A                      4B
5.  Fee income and other receipts from letters of credit,  
acceptance of drafts, and other devices for guaranteeing  
loans or letters of credit ..................................................................         5A                      5B
6.  Interest income, merchant discounts, and other receipts  
including service charges from credit cards and travel and  
entertainment credit cards, and credit card holder’s fees ...............                             6A                      6B
7.  Receipts from the sale of a tangible or intangible asset must  
be attributed to the same state in which the income from the  
tangible or intangible asset was attributed ......................................                    7A                      7B
8.  Receipts from the performance of fiduciary and other  
services, based on where the benefits are consumed ....................                               8A                      8B
9.  Receipts from the issuance of traveler’s checks, money  
orders, or United States savings bonds ..........................................                     9A                      9B
10.  Receipts from investments in municipal securities of all states,  
their political subdivisions, and instrumentalities ............................                      10A                     10B

11.  Interest income and other receipts from participation loans ...........                          11A                     11B
12.  Gross payments collected on investment contracts issued by  
an investment company ..................................................................              12A                     12B

13.  Other receipts from non-municipal investment income ...................                                                  13
14.  Total Receipts: (Add lines 1A through 12A and  
lines 1B through 13) ........................................................................         14A                     14B
15.  Divide the sum of line 14A by the sum of line 14B. Multiply the quotient by 100 to express the  
amount as a percentage (e.g., .6789 = 67.89%). Enter the percentage here and on line 21 of the  
FIT-20. (Round percent to two decimal places)  .............................................................................. 15                  %

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Instructions for Completing FIT-20 Schedule E-U Apportionment of Receipts to Indiana

The following information must be completed by all taxpayers,         (6)  Interest income, merchant discounts, and other receipts 
including those taxpayers filing combined unitary returns.                 (including service charges from financial institution credit 
Investment companies must complete line 12. Credit unions must             card and travel and entertainment card receivables) must 
report adjusted gross income for a taxable year based on total             be attributed to the state where the card charges are 
transfers to undivided earnings minus dividends for that taxable           regularly billed. 
year after statutory reserves are set aside under Indiana Code        (7)  Receipts from the sale of a tangible or an intangible 
(IC) 28-7-1-24.                                                            asset must be attributed to the same state where 
                                                                           the income from the tangible or intangible asset was 
The Indiana Financial Institution Tax is imposed on apportioned            attributed. Receipts attributed to Indiana can include 
income. Taxpayers and unitary groups must file using an                    receipts of dividends and interest from stocks, bonds, 
apportionment percentage based on a single-factor formula.                 and other securities issued by an Indiana resident 
Indiana employs a single-factor receipts formula to determine the          taxpayer. Income from intangible property that is located 
percentage of the taxpayer’s income subject to tax.                        in Indiana and is controlled from an Indiana business 
                                                                           situs may be attributed to Indiana. 
The single-factor formula is derived by dividing the gross receipts   (8)  Receipts from the performance of fiduciary and other 
attributable to transacting business in Indiana by the total receipts      services must be attributed to the state where the 
from transacting business in all taxing jurisdictions. This fraction       benefits of the services are consumed.
is expressed as a percentage carried to 2 decimal places (e.g.,       (9)  Receipts from the issuance of traveler’s checks, 
67.63). The total income is then multiplied by this percentage to          money orders, or United States savings bonds must be 
arrive at Indiana financial institution adjusted gross income.             attributed to the state where the item was purchased. 
                                                                      (10) Receipts from investments of a financial institution in 
The following types of receipts are attributable to Indiana:               securities of this state and its political subdivisions, 
(1) Receipts from the lease or rental of real or tangible                  agencies, and instrumentalities must be attributed to 
    personal property if the property is located in Indiana.               Indiana. 
(2) Interest income and other receipts from assets in the             (11) Interest income and receipts from a participation loan 
    nature of loans or installment sales that are secured by               must be attributed in the same manner as the loan is 
    or deal primarily with real or tangible personal property              attributed. A participation loan is a loan in which more 
    that is located in Indiana.                                            than 1 lender is a creditor to a common borrower. 
(3) Interest income and other receipts from consumer loans            (12) The aggregate of gross payments collected by an 
    not secured by real or tangible personal property if the               investment company from the business upon investment 
    loan is made to a resident of Indiana.                                 contracts issued by the company and held by Indiana 
(4) Interest income and other receipts from commercial                     residents is attributed to Indiana. 
    loans not secured by real or tangible personal property           (13) Other receipts from non-municipal investment 
    must be attributed to Indiana if the proceeds of the loan              income are to be reported in the denominator of the 
    are to be applied in Indiana. If it cannot be determined               apportionment factor to the extent they are included as 
    where the loan proceeds will be applied, the income and                gross income for federal tax purposes. “Non-municipal 
    receipts are attributed to the state where the borrower                investments” means income from U.S. treasuries, 
    applied for the loan.                                                  federal agencies (e.g., GNMA, FNMA, Freddie Mac, 
(5) Fee income and other receipts from letters of credit,                  other loan-backed securities, etc.), and corporate 
    acceptance of drafts, and other devices for guaranteeing               securities. Any non-municipal investment receipts that 
    loans must be attributed in the same manner as                         are for the disposition of assets such as securities and 
    commercial loans are attributed.                                       money market transactions are limited to the gain that is 
                                                                           recognized upon the disposition in accordance with  
                                                                           IC 6-5.5-4-2(1). 

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