(a) There shall be an annual exemption in every case of fifty dollars ($50.00) in the amount of tax computed under the provisions of this article. A person exercising a privilege taxable hereunder for a fractional part of a tax year shall be entitled to an exemption in an amount bearing the proportion to the amount of the exemption hereby fixed that the period of time the privilege is exercised bears to a whole year. Only one exemption shall be allowed to any one person, whether he exercises one or more privileges taxable under this article.
(b) The provisions of this article shall not apply to:
(1) Insurance companies which pay the State a tax upon premiums; provided, that such exemptions shall not extend to that part of the gross income of insurance companies which is received for the use of real property other than property in which any such company maintains its office or offices, within the City, whether such income is in the form of rental or royalties.
(2) Nonprofit cemetery companies organized and operated for the exclusive benefit of their members.
(3) Fraternal societies, organizations and associations organized and operated for the exclusive benefit of their members and not for profit; provided, however, that such exemption shall not extend to that part of the gross income arising from the sale of alcoholic liquor, food and related services, of such fraternal societies, organizations and associations which are licensed as private clubs under the provisions of West Virginia Code Article 60-7.
(4) Corporations, associations and societies organized and operated exclusively for religious or charitable purposes.
(5) Production credit associations, organized under the provisions of the federal Farm Credit Act of 1933; provided, that the exemption of this section shall not apply to corporations or cooperative associations organized under the provisions of West Virginia Code §§ 19-4-1 et seq.
(6) Any credit union organized under the West Virginia Code; provided, that the exemptions of this section shall not apply to corporations or cooperative associations organized under the provisions of West Virginia Code §§ 19-4-1 et seq.
(7) Gross income derived from advertising service rendered in the business of radio and television broadcasting.
(c) Annexed and New Businesses. Any new or annexed ongoing permanent business which would otherwise be subject to the terms of this article if located within the corporate limits of the Municipality, shall, upon the annexation of territory in which such business is located or is to be located if new, into the corporate limits of the Municipality, pay the following amount of tax computed under the provisions of this article:
(1) Twenty-five percent (25%) of the amount of tax computed under the provisions of this article during the first tax year, or portion thereof, after annexation of the additional territory into the corporate limits of the Municipality.
(2) Fifty percent (50%) of the amount of tax computed under the provisions of this article for the second tax year, or portion thereof, after annexation of the additional territory into the corporate limits of the Municipality.
(3) One hundred percent (100%) ofthe amount of tax computed under the provisions of this article for the third tax year, or portion thereof, and for each successive year thereafter, after annexation of the additional territory into the corporate limits of the Municipality.
(Ord. 2019-07. Passed 12-2-19.)