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2007 SESSION

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SB 743 Retail Sales and Use Tax; exemptions include nonprofit entities, audit requirements.

Introduced by: Ken T. Cuccinelli, II | 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 HB 3062.

SUMMARY AS PASSED SENATE:

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 auditor review performed by an independent certified public accountant.  Entity's with gross annual receipts of $1 million or greater must file an audit.

SUMMARY AS INTRODUCED:

Sales and use tax; tax exemption for volunteer fire departments and rescue squads.  Modifies the process for exempting nonprofit organizations from the retail sales and use tax by exempting from the tax certain volunteer fire departments and volunteer rescue squads, without the requirement for such organizations to follow the administrative process utilized by the Department of Taxation for the Department's granting of sales and use tax exemptions to nonprofits generally.