1. A person or organization exempt from federal income taxation under the provisions of the Internal Revenue Code of 1954, as amended, is also exempt from the tax imposed by this chapter in each year such person or organization satisfies the requirements of the Internal Revenue Code of 1954, as amended, for exemption from federal income taxation. If the exemption applicable to any person or organization under the provisions of the Internal Revenue Code of 1954, as amended, is limited or qualified in any manner, the exemption from taxes imposed by this section must be limited or qualified in a similar manner. 2. Notwithstanding the provisions of subsection 1, the unrelated business taxable income, as computed under the provisions of the Internal Revenue Code of 1954, as amended, of any person or organization otherwise exempt from the tax imposed by this chapter and subject to the tax imposed on unrelated business income by the Internal Revenue Code of 1954, as amended, is subject to the tax which would have been imposed by this chapter but for the provisions of subsection 1. 3. In addition to the persons or organizations exempt from federal income taxation under the provisions of the Internal Revenue Code of 1954, as amended, there shall also be exempt from the tax imposed by this chapter insurance companies doing business in the state and paying a tax upon the gross amount of premiums received in the state.
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