There shall be an exemption in every case of one hundred dollars 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 of the sum bearing the proportion of one hundred fifty dollars 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 hereunder.
The provisions of this article shall not apply to:
(a) Insurance companies which pay the state a tax upon premiums; provided, that such exemption shall not extend to that part of a 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 in this city, where such income is in the form of rentals or royalties.
(b) Nonprofit cemetery companies organized and operated for the exclusive benefits of their members.
(c) Fraternal societies, organizations and associations organized and operated for the exclusive benefit of their members and not for profit; provided, that this exemption shall not extend to that part of the gross income arising from the sale of alcoholic beverages, food and related services of such fraternal societies, organizations and associations which are licensed as private clubs under the provisions of chapter 60, article 7 of the Code of West Virginia.
(d) Corporations, associations and societies organized and operated exclusively for religious or charitable purposes.
(e) Production credit association organized under the provisions of the federal "Farm Credit Act of 1933."
(f) Any credit union organized under the provisions of chapter 31 or any other chapter of the Code of West Virginia; provided, that the exemptions of this section shall not apply to corporations or cooperative associations organized under the provisions of article 4 of chapter 19 of the Code of West Virginia.
(6-27-77; 4-7-86; 11-5-90.)