Corporations exempt from taxes imposed by Sections 12-6-530 and 12-6-540

The following corporations are exempt from the tax imposed by Section 12-6-530 and Section 12-6-540: (1) banks as defined in Section 12-11-10; (2) building and loan associations as defined in Section 12-13-10; (3) insurance companies; (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) organizations exempt from income taxes pursuant to Section 33-49-120.