Section 12-20-110 - Chapter provisions inapplicable to certain organizations, companies and associationsThe provisions of this chapter do not apply to any:
(1) nonprofit corporation organized pursuant to Chapter 31, Title 33 and exempt from income taxes pursuant to Section 501 of the Internal Revenue Code of 1986;(2) volunteer fire department and rescue squad;(3) cooperative organized pursuant to Title 33;(4) bank, building and loan association, or credit union doing a strictly mutual business;(5) insurance company or association including a fraternal, beneficial, or mutual protection insurance company;(6) foreign corporation whose entire income is excluded from gross income for federal income tax purposes due to a treaty obligation of the United States; or(7) homeowners' association within the meaning of Internal Revenue Code Section 528(c)(1).(8) community development entity certified by the United States Department of the Treasury through the Community Development Financial Institution Fund as a company established to distribute allocations received as a part of the New Market Tax Credit Program.2006 Act No. 384, Section 10, eff 6/14/2006; 2001 Act No. 89, Section 20, eff 7/20/2001; 1995 Act No. 76, Section 3.