Yes, EXEMPTIONS is a Scrabble word!

Letter values in Scrabble US: E 1, X 8, E 1, M 3, P 3, T 1, I 1, O 1, N 1, S 1.

Is it a valid word?

EXEMPTIONS is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

immunity from an obligation or duty
a deduction allowed to a taxpayer because of his status (having certain dependents or being blind or being over 65 etc.)
an act exempting someone

Also: granting immunity.