1. (a) A corporation exempt from income tax under § 10-104 of this title shall file an income tax return if the corporation:

   1. (1) has unrelated business taxable income, as defined under § 512 of the Internal Revenue Code;
   2. (2) is exempt from taxation under § 501(c)(2) of the Internal Revenue Code; or
   3. (3) is an S corporation that is incorporated or does business in the State.
2. (b) An organization that is exempt from taxation under § 501(c)(3) or (4) of the Internal Revenue Code may file an income tax return to claim a refund under § 10-714 of this title.

Added by Acts 1988, c. 2, § 1, eff. Jan. 1, 1989. Amended by Acts 1988, c. 135, § 1; Acts 2001, c. 729, § 1, eff. July 1, 2001.

Formerly Art. 81, § 295.