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2024 SESSION

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HB 464 Retail Sales and Use Tax; exemptions for nonprofit entities.

Introduced by: Chris S. Runion | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Retail sales and use tax; exemptions for nonprofit entities. Increases from $1 million to $1.5 million the minimum threshold for gross revenue of a nonprofit entity that allows the Department of Taxation to require such entity to provide a financial audit before receiving a federal income tax exemption.

SUMMARY AS PASSED HOUSE:

Retail sales and use tax; exemptions for nonprofit entities. Increases from $1 million to $1.5 million the minimum threshold for gross revenue of a nonprofit entity that allows the Department of Taxation to require such entity to provide a financial audit before receiving a federal income tax exemption.

SUMMARY AS INTRODUCED:

Retail sales and use tax; exemptions for nonprofit entities. Increases from $1 million to $2 million the minimum threshold for gross revenue of a nonprofit entity that allows the Department of Taxation to require such entity to provide a financial audit before receiving a federal income tax exemption. The bill requires that, beginning January 1, 2025, and every five years after that date, the $2 million threshold be adjusted according to the Consumer Price Index for food and beverages, all urban consumers (CPI-U) for the previous five-year period.