Each political organization shall annually pay to the state a tax equal to seven and one-half percent (7.5%) of political organization taxable income, as defined under § 527(c) of the Internal Revenue Code; provided, that no tax shall be payable or a tax return filed under this section unless the political organization has at least one hundred dollars ($100) or more of political organization taxable income under § 527(c) of the Internal Revenue Code.
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