Section 15-30-3325 - DefinitionsAs used in 15-30-3326 through 15-30-3328 and this section, unless the context clearly indicates otherwise, the following definitions apply:
(1) "Electing pass-through entity" means a partnership or an S. corporation that elects to be subject to an entity tax.(2) "Entity tax" means a tax that an electing pass-through entity elects to pay under 15-30-3325 through 15-30-3328 and this section.(3) "Nonresident owner" means an individual, estate, or trust that is not a resident owner.(4) "Owner" means a shareholder of an S. corporation or a partner in a partnership.(5) "Resident owner" means an individual, estate, or trust owner that is a resident of the state.Added by Laws 2023, Ch. 702,Sec. 1, eff. 5/19/2023, and applicable retroactively, within the meaning of 1-2-109, to tax years beginning after December 31, 2022.