FIT-20 Schedule E-U Indiana Department of Revenue
State Form 44622 
(R23 / 8-24)        2024 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,         7.  Receipts from the sale of a tangible or an intangible 
including those taxpayers filing combined unitary returns.                asset must be attributed to the same state where 
Investment companies must complete line 12. Credit unions must            the income from the tangible or intangible asset was 
report adjusted gross income for a taxable year based on total            attributed. Receipts attributed to Indiana can include 
transfers to undivided earnings minus dividends for that taxable          receipts of dividends and interest from stocks, bonds, 
year after statutory reserves are set aside under Indiana Code            and other securities issued by an Indiana resident 
(IC) 28-7-1-24.                                                           taxpayer. Income from intangible property that is located 
                                                                          in Indiana and is controlled from an Indiana business 
The Indiana Financial Institution Tax is imposed on apportioned           situs may be attributed to Indiana. 
income. Taxpayers and unitary groups must file using an               8.  Receipts from the performance of fiduciary and other 
apportionment percentage based on a single-factor formula.                services must be attributed to the state where the 
Indiana employs a single-factor receipts formula to determine the         benefits of the services are consumed.
percentage of the taxpayer’s income subject to tax.                   9.  Receipts from the issuance of traveler’s checks, 
                                                                          money orders, or United States savings bonds must be 
The single-factor formula is derived by dividing the gross receipts       attributed to the state where the item was purchased. 
attributable to transacting business in Indiana by the total receipts 10. Receipts from investments of a financial institution in 
from transacting business in all taxing jurisdictions. This fraction      securities of this state and its political subdivisions, 
is expressed as a percentage carried to 2 decimal places (e.g.,           agencies, and instrumentalities must be attributed to 
67.63). The total income is then multiplied by this percentage to         Indiana. 
arrive at Indiana financial institution adjusted gross income.        11.  Interest income and receipts from a participation loan 
                                                                          must be attributed in the same manner as the loan is 
The following types of receipts are attributable to Indiana:              attributed. A participation loan is a loan in which more 
1.  Receipts from the lease or rental of real or tangible                 than 1 lender is a creditor to a common borrower. 
personal property if the property is located in Indiana.              12.  The aggregate of gross payments collected by an 
2.  Interest income and other receipts from assets in the                 investment company from the business upon investment 
nature of loans or installment sales that are secured by                  contracts issued by the company and held by Indiana 
or deal primarily with real or tangible personal property                 residents is attributed to Indiana. 
that is located in Indiana.                                           13.  Other receipts from non-municipal investment 
3.  Interest income and other receipts from consumer loans                income are to be reported in the denominator of the 
not secured by real or tangible personal property if the                  apportionment factor to the extent they are included as 
loan is made to a resident of Indiana.                                    gross income for federal tax purposes. “Non-municipal 
4.  Interest income and other receipts from commercial                    investments” means income from U.S. treasuries, 
loans not secured by real or tangible personal property                   federal agencies (e.g., GNMA, FNMA, Freddie Mac, 
must be attributed to Indiana if the proceeds of the loan                 other loan-backed securities, etc.), and corporate 
are to be applied in Indiana. If it cannot be determined                  securities. Any non-municipal investment receipts that 
where the loan proceeds will be applied, the income and                   are for the disposition of assets such as securities and 
receipts are attributed to the state where the borrower                   money market transactions are limited to the gain that is 
applied for the loan.                                                     recognized upon the disposition in accordance with  
5.  Fee income and other receipts from letters of credit,                 IC 6-5.5-4-2(1). 
acceptance of drafts, and other devices for guaranteeing 
loans must be attributed in the same manner as 
commercial loans are attributed.
6.  Interest income, merchant discounts, and other receipts 
(including service charges from financial institution credit 
card and travel and entertainment card receivables) must 
be attributed to the state where the card charges are 
regularly billed.

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