NMSA 1978, § 7-2-4 — Exemptions

No income tax shall be imposed upon:

# A.

a trust organized or created in the United States and forming part of a stock
bonus, pension or profit-sharing plan of an employer for the exclusive benefit of his
employees or their beneficiaries, which trust is exempt from taxation under the
provisions of the Internal Revenue Code; or

# B.

religious, educational, benevolent or other organizations not organized for profit
which are exempt from income taxation under the Internal Revenue Code except to the
extent that such income is subject to federal income taxation as "unrelated business
income" under the Internal Revenue Code.