(a) Exemptions. There shall be an annual exemption in every case under Section 751.02(b) and (g) of forty dollars ($40.00) 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 proportions to an exemption of the sum bearing the proportions to forty dollars ($40.00) that the period of time the privilege is exercised bears to a whole year. Only one exemption shall be allowed to any person, whether he exercises one or more privileges taxable under Section 751.02(b) or (c) hereof shall not be credited or offset against any tax due under any other provision or section hereof.
(b) Other Exemptions. There shall be an exemption in every case under Section 751.02(a), (d), (f), (g), (h), (i), and (j) an annual exemption of two dollars ($2.00) or a semi-annual of one dollar ($1.00). Any person exercising a privilege taxable hereunder for a portion of a year less than six months shall be entitled to an exemption of one dollar ($1.00), and if for more than six months, but less than one year to a two dollar ($2.00) exemption for such period. Only one exemption shall be allowed to any person, whether he exercises one or more privileges under the above mentioned Section 751.02(a), (d), (f), (g), (h), (i), and (j).
(c) Exempt Businesses. The provisions of this article shall not apply to:
(1) Insurance companies which pay the State of West Virginia a tax upon premiums. Provided, however, that said exemption 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) Persons engaged in the business of banking. Provided, however, that said exemption shall not extend to that part of gross income of such persons which is received for the use of real property owned, other than the banking house or building in which the business of the bank is transacted, whether such income be in the form of rentals or royalties;
(3) Non-profit cemetery companies organized and operated for the exclusive benefit of their members;
(4) Societies, organizations and associations organized and operated for the exclusive benefit of their members and not for profit;
(5) Corporations, associations and societies organized and operated exclusively for religious or charitable purposes; provided, however that the exemptions of this section shall not apply to corporations or cooperative associations organized under the provisions of Article Four, Chapter Nineteen of the Code of West Virginia, one thousand nine hundred thirty-one, as amended;
(6) Building and loan associations and federal savings and loan associations.
(Passed 10-23-56.)