TITLE 63

REVENUE AND TAXATION

CHAPTER 30

INCOME TAX

63-3025B.  Organizations exempt from the tax imposed by this chapter. (1) Except as provided in subsection (4) of this section, an organization described in section 501 of the Internal Revenue Code, and the additional organizations listed in this section shall be specifically exempt from taxation under this chapter unless such exemption is denied under section 502, 503, 504 or 6033j of the Internal Revenue Code:

(a)  Fraternal beneficiary societies, orders or associations, operating under the lodge system or for the exclusive benefit of the members of a fraternity itself operating under the lodge system;

(b)  Farmer’s or other mutual hail, cyclone, casualty or fire insurance companies or associations, including interinsurers and reciprocal underwriters of the same class, the income of which is used or held only for the purpose of paying losses or expenses;

(c)  Federal land banks and national farm loan associations as provided in the farm credit act of 1971, as amended.

(2)  Farmer’s cooperatives shall be exempt from taxation under this chapter to the extent exempted by section 521 of the Internal Revenue Code.

(3)  Federal savings and loan associations shall not be exempt from taxation under this chapter.

(4)  Unrelated business income as defined in the Internal Revenue Code shall be subject to taxation under this chapter.

History:

[63-3025B, added 1995, ch. 111, sec. 23, p. 363; am. 1997, ch. 57, sec. 7, p. 101; am. 2014, ch. 9, sec. 2, p. 11.]