(a) No admission tax shall be levied on any admissions, all the proceeds of which inure exclusively to the benefit of:
(1) Religious, educational or charitable institutions, societies or organizations; societies or organizations for the prevention of cruelty to children or animals; or societies or organizations conducted for the sole purpose of maintaining symphony orchestras and receiving substantial support from voluntary contributions; if no part of the net earnings thereof inures to the benefit of any private stockholder or individual;
(2) Persons in the military or naval forces of the United States, or of national guard organizations, reserve officers associations or organizations of war veterans, or military units or societies of any such posts or organizations, if such posts, organizations, units or societies are organized in the State and if no part of their net earnings inure to the benefit of any private stockholder or individual;
(3) Persons who have served in the military or naval forces of the United States and are in need; or
(4) Members of a police department or fire department of the County or a municipal corporation or the dependents or heirs of such members.
(b) The exemption from the admission tax provided for in this section shall not be allowed in the case of admissions to wrestling matches, prize fights or boxing, sparring or other pugilistic matches or exhibitions; or in the case of admissions to any athletic game or exhibition, the proceeds of which inure wholly or partly to the benefit of any high school, academy, preparatory or other school, wherein the admission price is four dollars ($4.00) or more, or which inure wholly or partly to the benefit of any college or university.