HB1485: Retail Sales and Use Tax; exemption for nonprofit schools.

Chief Patron

Del. Bill Janis (R-56)

Status

Bill is Dead

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Summary

Sales and use tax exemption; nonprofit schools.  Exempts nonprofit schools from the following two criteria used, among others, in determining sales and use tax exemption for nonprofit entities: (i) that the entity's annual general administrative costs, including salaries and fundraising, relative to its annual gross revenue, under generally accepted accounting principles, is not greater than 40%; and (ii) that if the entity's gross annual revenue was $250,000 or greater in the year prior to applying for the exemption, then the entity must provide a financial audit performed by an independent certified public accountant.   View Full Text »