§ 39-22-112 — Persons and organizations exempt from tax under this article

Colorado § 39-22-112

• Jurisdiction: Colorado
• Title 39: Taxation
• Art.: Income Tax

Text

(1) A person or organization exempt from federal income taxation under the
provisions of the internal revenue code shall also be exempt from the tax imposed
by this article 22 in each year in which such person or organization satisfies the
requirements of the internal revenue code for exemption from federal income
taxation; except that insurance companies subject to the tax imposed on gross
premiums by section 10-3-209 shall also be exempt from the tax imposed by this
article 22. Disqualified insurance companies, as defined in section 10-1-102 (6.5),
shall not be exempt from the tax imposed by this article 22. If the exemption
applicable to any person or organization under the provisions of the internal
revenue code is limited or qualified in any manner, the exemption from taxes
imposed by this article 22 shall be limited or qualified in a similar manner.

(2) Notwithstanding the provisions of subsection (1) of this section to the
contrary, the unrelated business taxable income, as computed under the provisions
of the internal revenue code, of any person or organization otherwise exempt from
the tax imposed by this article and subject to the tax imposed on unrelated
business income by the internal revenue code shall be subject to the tax which
would have been imposed by this article but for the provisions of subsection (1) of
this section.

Legislative History

Source: L. 87: Entire part R&RE, p. 1433, � 2, effective June 22. L. 2021: (1) amended, (HB 21-1311), ch. 298, p. 1785, � 10, effective June 23.