The following corporations are exempt from the tax imposed by Section 12-6-530 and Section 12-6-540:

1. (1) banks as defined in Section 12-11-10;
2. (2) building and loan associations as defined in Section 12-13-10;
3. (3) insurance companies;
4. (4) nonprofit corporations organized pursuant to Chapter 36 of Title 33 for the purpose of providing water supply and sewage disposal or a combination of those services;
5. (5) organizations exempt from income taxes pursuant to Section 33-49-120.

HISTORY: 1995 Act No. 76, Section 1; 2000 Act No. 404, Section 6(C), eff October 3, 2000.