FAQs - Financial Institutions Tax

Who is not subject to the FIT?

  • Diversified savings and loan holding companies,
  • Grandfathered unitary savings and loan holding companies, any entity that was a grandfathered unitary savings and loan holding company on January 1, 2012, or any entity that is not a bank organization or owned by a bank organization and that is owned directly or indirectly by an entity that was a grandfathered unitary savings and loan holding company on January 1, 2012,
  • Institutions organized under the "Federal Farm Loan Act" or a successor of such an institution,
  • Companies chartered under the “Farm Credit Act of 1933” or a successor of such a company,
  • Associations formed pursuant to 12 U.S.C. 2279c-1,
  • Insurance companies,
  • Captive finance companies,
  • Credit unions, and
  • Institutions organized exclusively for charitable purposes.