§ 57-38-09 — Exempt organizations

1. A person or organization exempt from federal income taxation under the provisions of
the Internal Revenue Code of 1954, as amended, is also exempt from the tax imposed
by this chapter in each year such person or organization satisfies the requirements of
the Internal Revenue Code of 1954, as amended, for exemption from federal income
taxation. If the exemption applicable to any person or organization under the
provisions of the Internal Revenue Code of 1954, as amended, is limited or qualified in
any manner, the exemption from taxes imposed by this section must be limited or
qualified in a similar manner.
2. Notwithstanding the provisions of subsection 1, the unrelated business taxable
income, as computed under the provisions of the Internal Revenue Code of 1954, as
amended, of any person or organization otherwise exempt from the tax imposed by
this chapter and subject to the tax imposed on unrelated business income by the
Internal Revenue Code of 1954, as amended, is subject to the tax which would have
been imposed by this chapter but for the provisions of subsection 1.
3. In addition to the persons or organizations exempt from federal income taxation under
the provisions of the Internal Revenue Code of 1954, as amended, there shall also be
exempt from the tax imposed by this chapter insurance companies doing business in
the state and paying a tax upon the gross amount of premiums received in the state.