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

Introduced By

Del. Bill Janis (R-Glen Allen)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

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. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/19/2006Presented and ordered printed 065162348
01/19/2006Referred to Committee on Finance
01/23/2006Fiscal impact statement from TAX (HB1485)
01/24/2006Assigned to Finance sub-committee: #1 (Orrock)
02/13/2006Continued to 2007 in Finance