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1998 SESSION

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HB 167 Sales tax exemption; Circuit City Found. & Biotechnology Association.

Introduced by: Eric I. Cantor | all patrons    ...    notes | add to my profiles

SUMMARY:

Sales and use tax exemption; nonprofit civic and community service and miscellaneous organizations. Grants a sales and use tax exemption to tax-exempt nonprofit civic and community service foundations organized exclusively to provide donations to religious, charitable, scientific and educational entities. The bill also provides an exemption for nonprofit associations formed exclusively to (i) promote the Commonwealth's biotechnology industry; (ii) expand the knowledge and expertise of the Commonwealth's businesses concerning biotechnology through seminars, forums, educational publications and other means; (iii) enhance public awareness of the biotechnology industry in Virginia and the scientific, economic and other benefits it provides; and (iv) represent the interests of the biotechnology industry in the Commonwealth before federal, state and local legislators and regulators, as well as other individuals and organizations. The Circuit City Foundation and the Virginia Biotechnology Association will benefit from these exemptions.


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