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2007 SESSION

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HB 3062 Retail Sales and Use Tax; exemptions include nonprofit entities, audit requirements.

Introduced by: Edward T. Scott | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Sales and use tax; tax exemption for nonprofit entities.  Requires nonprofit entities seeking sales and use tax exempt status that have annual gross receipts of at least $750,000 but less than $1 million to provide the Department of Taxation with a financial audit or review performed by an independent certified public accountant.  Entities with gross annual receipts of $1 million or greater must file an audit. This bill is identical to SB 743.

SUMMARY AS PASSED HOUSE:

Sales and use tax exemptions; nonprofit requirements.  Increases from $250,000 to $500,000 the annual gross revenue amount that requires nonprofits to have an official audit for purposes of retaining their sales and use tax exemption.

SUMMARY AS INTRODUCED:

Sales and use tax exemptions; nonprofit requirements.  Increases from $250,000 to $1 million the annual gross revenue amount that requires nonprofits to have an official audit for purposes of retaining their sales and use tax exemption.