Retail Sales and Use Tax; exemptions for nonprofit entities. (SB1222)

Introduced By

Sen. Mark Obenshain (R-Harrisonburg)

Description

Sales and use tax exemption; nonprofit entities. Provides that nonprofit entities with gross annual revenue of at least $750,000 in the previous year must file a financial review performed by an independent certified public accountant in order to be eligible for a sales and use tax exemption. However, for those nonprofit entities with gross annual revenue of at least $1 million in the previous year, the Department of Taxation may require that the entity provide a financial audit performed by an independent certified public accountant in lieu of the financial review. Amends § 58.1-609.11 (“Exemptions for nonprofit entities.”), of the Code of Virginia. View Full Text »

Outcome

No Richmond Sunlight visitors voted on this bill while voting was open.