Okla. Stat. tit. 68, § 68-2359: Exempted organizations

A. A person or organization exempt from federal income taxation

under the provisions of the Internal Revenue Code shall also be

exempt from the tax imposed by Section 2351 et seq. of this title in

each year in which such person or organization satisfies the

requirements of the Internal Revenue Code for exemption from federal

income taxation. If the exemption applicable to any person or

organization under the provisions of the Internal Revenue Code is

limited or qualified in any manner, the exemption from taxes imposed

by this article shall be limited or qualified in a similar manner.

B. Notwithstanding the provisions of subsection A of this

section, the unrelated business taxable income or other income

subject to tax, as computed under the provisions of the Internal

Revenue Code, of any person or organization exempt from the tax

imposed by Section 2351 et seq. of this title and subject to the tax

imposed on such income by the Internal Revenue Code shall be subject

to the tax which would have been imposed by this act but for the

provisions of subsection A of this section.

C. Insurance companies paying, during or for the taxable year,

a tax to this state on gross premium income shall be exempt from the

provisions of this article and the taxes levied thereby.

D. Royalty earned by an inventor from products developed and

manufactured in this state shall be exempt from the tax imposed by

Section 2355 of this title for a seven-year period, pursuant to the

provisions of Section 5064.7 of Title 74 of the Oklahoma Statutes.

E. Tenants of small business incubators shall be exempt for the

tax imposed by Section 2355 of this title, pursuant to the

provisions of Section 5078 of Title 74 of the Oklahoma Statutes.