The Financial Institution Tax is referred to as the FIT Guaranteed Distribution. The FIT is paid by financial institutions doing business in Indiana.
The financial institution tax extends to both resident and nonresident financial institutions and to all other corporate entities when 80 percent or more of its gross income is derived from activities that constitute the business of a financial institution.
The business of a financial institution is defined as activities authorized by the federal reserve board; the making, acquiring, selling, or servicing of loans or extensions of credit; acting as an agent, a broker, or an advisor in connection with leasing real and personal property that is the economic equivalent of an extension of credits; or operating a credit card, debit card, or charge card business.
This tax is received by the County Treasurer twice a year and disbursed to local government entities by the Auditor's Office.