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2009 SESSION

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SB 1222 Retail Sales and Use Tax; exemptions for nonprofit entities.

Introduced by: Mark D. Obenshain | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Sales and use tax exemption; nonprofit entities. Provides that nonprofit entities with gross annual revenue of at least $750,000 in the previous year must file a financial review performed by an independent certified public accountant in order to be eligible for a sales and use tax exemption. However, for those nonprofit entities with gross annual revenue of at least $1 million in the previous year, the Department of Taxation may require that the entity provide a financial audit performed by an independent certified public accountant in lieu of the financial review.


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