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2009 SESSION

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HB 2330 Retail Sales and Use Tax exemption; exemption for certain nonprofit entities.

Introduced by: Clifford L. Athey, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED HOUSE: (all summaries)

Sales and use tax exemption; nonprofit schools.  Eliminates the requirement that a nonprofit entity with gross annual revenue of at least $1 million, seeking to be exempt from sales and use tax must provide a financial audit performed by an independent certified public accountant, and replaces it with a requirement that a nonprofit entity that has at least $750,000 in gross annual revenue must provide a financial review performed by an independent certified public accountant.  The Department of Taxation may, on a case-be-case basis, require any nonprofit entity with gross annual revenue of at least $1 million to provide a financial audit performed by an independent certified public accountant.


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