(a) There shall be an exemption in every case of twenty-five dollars ($25.00) in 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 of the sum bearing the proportion to twenty-five dollars ($25.00) that period of time the privilege is exercised bears to a whole year. Only one exemption shall be allowed to any one person, whether he exercise one or more privileges taxable hereunder.
(b) The provisions of the 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, in this State, whether such income be in the form of rentals 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, 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, 60-7-1 et seq.;
(4) Corporations, associations and societies organized and operated exclusively for religious or charitable purposes;
(5) Production credit association, organized under the provisions of the federal "Farm Credit Act of 1933";
(6) Any credit union organized under the provisions of West Virginia Code 31- 1-1 et seq., or any other chapter of the Code of West Virginia; provided further, 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; and
(8) Any demonstration, pilot or research project for the gasification or liquefaction of coal when the same is totally or partially funded by public moneys; provided, that the exemptions contained in this subsection (b)(8) shall not apply to any gross income after June 30, 1981.
(1978 Code Sec. 9-22.)