CHAPTER 11. TAXATION.

§11-24-5. Corporations exempt from tax.

The following corporations shall be exempt from the tax imposed by this article to the extent provided in this section:

(a) Corporations which by reason of their purposes or activities are exempt from federal income tax: Provided, That this exemption shall not apply to the unrelated business income, as defined in the Internal Revenue Code, of any such corporation if such income is subject to federal income tax.

(b) Insurance companies which pay this state a tax upon premiums and insurance companies that pay the surcharge imposed by subdivision (1) or (3), subsection (f), section three, article two-c, chapter twenty-three of this code.

(c) Production credit associations organized under the provisions of the federal Farm Credit Act of 1933: Provided, That the exemption shall not apply to corporations or associations organized under the provisions of article four, chapter nineteen of this code.

(d) Corporations electing to be taxed under subchapter S of the Internal Revenue Code of 1986, as amended: Provided, That said corporations shall file the information return required by section thirteen-b of this article.

(e) Trusts established pursuant to section one hundred eighty-six, chapter seven, title twenty-nine of the code of the laws of the United States (enacted as section three hundred two (c) of the Labor Management Relations Act, 1947), as amended, prior to January 1, 1967.

Bills Affecting §11-24-5

2001 Regular Session: HB3136
2005 Regular Session: HB3230
2005 Regular Session: SB666
2010 Regular Session: SB423
2011 Regular Session: HB2009
2012 Regular Session: HB2009
2012 Regular Session: SB356
2013 Regular Session: HB2276
2013 Regular Session: SB29
2014 Regular Session: HB2276
2014 Regular Session: SB2
2015 Regular Session: HB2127
2015 Regular Session: HB2894
2016 Regular Session: HB2127
2016 Regular Session: HB4421
2019 Regular Session: HB2845