RD249 - Annual Report on Nonprofit Exemptions


Executive Summary:
In 2003, the General Assembly enacted Chapters 757 and 758, 2003 Acts of Assembly (HB 2525 and SB 743) to simplify the process of qualifying nonprofit organizations for sales and use tax exemptions. As part of this legislation, the Department of Taxation is required to file an annual report by December 1 of each year disclosing the annual fiscal impact of the sales and use tax exemptions for nonprofit entities. This is the first report that has data for an entire fiscal year since the changes in the law went into effect on July 1, 2004.