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2006 SESSION
HB 1485 Retail Sales and Use Tax; exemption for nonprofit schools.
Introduced by: William R. Janis | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
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.
FULL TEXT
HISTORY
- 01/19/06 House: Presented and ordered printed 065162348
- 01/19/06 House: Referred to Committee on Finance
- 01/24/06 House: Assigned to Finance sub-committee: #1 (Orrock)
- 02/13/06 House: Continued to 2007 in Finance by voice vote