59-7-102. Exemptions.
(1) Except as provided in this section, the following are exempt from a tax under this chapter: an organization exempt under Section 501, Internal Revenue Code; an organization exempt under Section 528, Internal Revenue Code; an insurance company that is subject to taxation on the insurance company's premiums under, regardless of whether the insurance company has a tax liability under that chapter; Chapter 9, Taxation of Admitted Insurers a local building authority as defined in Section; 17D-2-102 a farmers' cooperative; a public agency, as defined in Section, with respect to or as a result of an ownership interest in: 11-13-103 a project, as defined in Section; or 11-13-103 facilities providing additional project capacity, as defined in Section; 11-13-103 an insurance company that engages in a transaction that is subject to taxation under Sectionor, regardless of whether the insurance company has a tax liability under that section; or 31A-3-301 31A-3-302 a captive insurance company that pays a fee under Section. 31A-3-304
(2) A corporation is exempt from a tax under this chapter: if the corporation is an out-of-state business as defined in Section; and 53-2a-1202 for income earned: during a disaster period as defined in Section; and 53-2a-1202 for the purpose of responding to a declared state disaster or emergency as defined in Section. 53-2a-1202
(3) Notwithstanding any other provision in this chapter or, a person not otherwise subject to the tax imposed by this chapter or, is not subject to a tax imposed by Section,,, or, because of: Chapter 8, Gross Receipts Tax on Certain Corporations Not Required to Pay Corporate Franchise or Income Tax Act Chapter 8, Gross Receipts Tax on Certain Corporations Not Required to Pay Corporate Franchise or Income Tax Act 59-7-104 59-7-201 59-7-701 59-8-104 that person's ownership of tangible personal property located at the premises of a printer's facility in this state with which the person has contracted for printing; or the activities of the person's employees or agents who are: located solely at the premises of a printer's facility; and performing services: related to: quality control; distribution; or printing services; and performed by the printer's facility in this state with which the person has contracted for printing.
(4) Notwithstanding Subsection, an organization, company, authority, farmers' cooperative, or public agency exempt from this chapter under Subsectionis subject to, to the extent provided in. (1) (1) Part 8, Unrelated Business Income Part 8, Unrelated Business Income
(5) Notwithstanding Subsection, to the extent the income of an organization described in Subsectionis taxable for federal tax purposes under Section 528, Internal Revenue Code, the organization's income is also taxable under this chapter. (1)(b) (1)(b)