NMSA 1978, § 7-2A-4 — Exemptions

No corporate income or franchise tax shall be imposed upon:

# A.

insurance companies, reciprocal or inter-insurance exchanges which pay a
premium tax to the state;

# B.

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

# C.

religious, educational, benevolent or other organizations not organized for profit
which are exempt from income taxation under the Internal Revenue Code unless the
organization receives income which is subject to federal income taxation as "unrelated
business income" under the Internal Revenue Code, in which case the organization is
subject to the corporate franchise tax, and the corporate income tax applies to the
unrelated business income.