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2007 SESSION

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HB 2088 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 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.


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