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2014 SESSION

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HB 616 Charitable gaming; VDACS may issue permit while tax-exempt status is pending approval by IRS.

Introduced by: David B. Albo | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED HOUSE: (all summaries)

Charitable gaming; interim certification of tax-exempt status. Removes the authority of the Department of Agriculture and Consumer Services to issue interim certificates of tax-exempt status to charitable organizations that seek a permit to conduct charitable gaming and that have an application pending before the U.S. Internal Revenue Service. The Department may, however, issue a charitable gaming permit while the permittee's tax-exempt status is pending approval by the Internal Revenue Service. The bill updates the reference to the reporting requirements of the IRS for individuals who win charitable gaming prizes or jackpots that meet or exceed the limits as contained in IRS Publication 3079. The bill contains technical amendments.


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