[§237-9.5]  No separate licensing, filing,or liability for certain revocable trusts.  In the case of any trust that,for state and federal income tax reporting purposes:

(1)  Has no registration or filing requirementsseparate and apart from its grantor or grantors;

(2)  Is subject to the requirement that all items ofincome, deduction, and credit are to be reported by the individual grantor orgrantors; and

(3)  Is revocable by the grantor or grantors;

no licensing, registration, or filing requirements underthis chapter shall apply; provided that the individual grantor or grantors mustbe licensed under this chapter and pay the appropriate general excise tax ontrust income, if the trust income is from engaging in business. [L 1994,c 12, §2]