There shall be an exemption in every case of fifty dollars ($50.00) 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 fifty dollars ($50.00) that the period of time the privilege is exercises one or more privileges taxable hereunder.
(a) Exempt Activities. The provisions of this article shall not apply to:
(1) Insurance companies which pay the State of West Virginia a tax upon premiums; provided, that such exemption shall not extend to that part of 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 the Municipality, whether such income is in the form of rentals or royalties;
(2) Non-profit 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 this exemption shall not extend to that part of 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 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.; and
(7) Gross income derived from advertising services rendered in business of radio and television broadcasting.
(b) Definitions; Reduction Allowed in Tax Due; How Computed. When used in this section, the phrase "normal tax" shall mean the tax computed by application of rates against values or gross income as set forth in subsections (a) through (k) inclusive less exemption at the rate of fifty dollars ($50.00) annually or at the rate of four dollars and sixteen cents ($4.16) per month for the period actually engaged in business.
The normal tax shall be computed by the application rates against the values or gross income as set forth in subsections (a) through (k) inclusive.
(Passed 9-14-09.)