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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 | history

SUMMARY AS PASSED HOUSE:

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.

SUMMARY AS INTRODUCED:

Sales and use tax exemption; nonprofit schools. Exempts any non-profit school that is accredited by an entity approved by the Department of Education and any school licensed by the Department of Education as a school for students with disabilities from the requirement to submit an audit to the Department of Taxation to obtain a sales and use tax exemption, if the school submits a federal 990 tax form.