Bingo equipment, as defined by § 2001.002, Occupations Code, is exempted from the taxes imposed by this chapter if the bingo equipment is:
(1) purchased by an organization licensed to conduct bingo under Chapter 2001, Occupations Code, that is exempt from the payment of federal income taxes under Section 501(a), Internal Revenue Code of 1986, as amended, by being listed as an exempt organization under Section 501(c)(3), (4), (8), (10), or (19), Internal Revenue Code of 1986, as amended; and
(2) used exclusively to conduct bingo authorized under Chapter 2001, Occupations Code.