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2002 SESSION

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SB 16 Sales and use tax; refunds.

Introduced by: Kevin G. Miller | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Sales and use tax; refunds. Provides that all nonprofit organizations exempt under §§ 501 (c) (3) or (c) (4) of the Internal Revenue Code may apply for a refund of retail sales and use tax on purchases made on and after January 1, 2003. Certain educational, medical-related, nonprofit civic and community service, nonprofit cultural, and miscellaneous organizations that were exempt from sales and use tax as of July 1, 2002, will also be required to apply for a refund for any purchases made on and after January 1, 2003.

The amount of the refund shall equal 100 percent of the amount of tax paid. Applications for refunds may be filed quarterly with the Department of Taxation beginning with calendar year 2003. If the amount to be refunded is at least $5,000, the organization may apply for the refund at any time during the calendar year.

Most nonprofit organizations will no longer be subject to review by the General Assembly for sales and use tax purposes. The amount of the refund attributable to the local sales and use tax shall be deducted from the monthly distributions of sales tax revenues to localities. Interest shall accrue and be paid on any refund not paid within 59 days after an application for a refund is filed with the Department. Interest shall begin to accrue on the sixtieth day and shall end on the date that the refund is issued. There is no sunset date for the refund provisions of the bill.


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