Retail Sales and Use Tax; exemption for nonprofit schools. (HB2088)

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 qualified nonprofit entities organized for the purpose of operating 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. The bill also increases the $250,000 revenue limit to $500,000 and allows all nonprofits with more than $500,000 in gross annual revenue to provide a review or financial audit. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/08/2007Presented and ordered printed 077130348
01/08/2007Committee
01/08/2007Prefiled and ordered printed; offered 01/10/07 077130348
01/08/2007Referred to Committee on Finance
01/18/2007Assigned Finance sub: #2 (Ware, R.L.)
01/23/2007Impact statement from TAX (HB2088)
01/31/2007Incorporated by Finance (HB2545-Hogan)