Sec. 6. (a) Except as otherwise provided in this section, an electing entity shall be subject to the obligation to make estimated tax payments under this article for the tax imposed under section 4 of this chapter in the same manner as applicable to corporations under IC 6-3-4-4.1(c). (b) For taxable years ending on or before June 30, 2023, an electing entity is not required to make estimated tax payments. (c) For taxable years ending after June 30, 2023, and on or before December 31, 2024, an electing entity shall make an estimated tax payment for the taxable years on or before the end of the taxable year. There shall be no penalty for underpayment of estimated tax, except to the extent the underpayment fails to equal or exceed fifty percent (50%) of the tax imposed by section 4 of this chapter for the taxable year. (d) For taxable years ending after December 31, 2024, there shall be no penalty for underpayment of estimated tax, except to the extent the payments during the taxable year fail to equal or exceed the lesser of eighty percent (80%) of the tax imposed under this chapter for the taxable year or one hundred percent (100%) of the tax imposed under this chapter for the preceding taxable year. (e) In the event of an underpayment under subsection (c) or (d), the electing entity shall be subject to a penalty in the amount prescribed under IC 6-8.1-10-2.1(b) on the amount of the underpayment. As added by P.L.1-2023, SEC.5.
IC 6-3-2.1-7 Applicability; application of partnership audit and administrative adjustments to electing entity Sec. 7. (a) This section applies if: (1) the department determines that an electing entity underreported its tax under this chapter; (2) an electing entity files an amended return reporting an underpayment of tax under this chapter; or (3) the Internal Revenue Service adjusts the adjusted gross income of an electing entity. (b) If a partnership is an electing entity, the partnership shall be subject to IC 6-3-4.5 on any assessment and reporting of changes. (c) If a corporation described in IC 6-3-2-2.8(2) is an electing entity, the corporation and its shareholders shall be subject to the provisions of IC 6-3-4.5 in the same manner as a partnership and its partners with regard to the tax imposed under this chapter, except that any change in attributes is treated as occurring in the year to which the change relates unless required by the Internal Revenue Code. As added by P.L.1-2023, SEC.5.