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422.34 Exempted corporations and organizations.

The following organizations and corporations shall be exempt from taxation under this division:

1. All state, national, private, co-operative, and savings banks, credit unions, title insurance and trust companies, savings and loan associations, production credit associations, insurance companies or insurance associations, reciprocal or inter-insurance exchanges, and fraternal beneficiary associations.

2. An organization described in section 501 of the Internal Revenue Code unless the exemption is denied under section 501, 502, 503, or 504 of the Internal Revenue Code.

Section History: Early form

[C35, § 6943-f30; C39, § 6943.066; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 422.34]

Section History: Recent form

92 Acts, 2nd Ex, ch 1001, § 239; 94 Acts, ch 1165, §20

Internal References

Referred to in § 422.33, 422.37

Footnotes

1992 amendments to subsection 1 retroactive to January 1, 1991, for tax years beginning on or after that date; 92 Acts, 2nd Ex, ch 1001, § 251

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