House of Representatives

HB 2240

tax exemption; nonprofit organization

Sponsors: Representatives Laughter, Clark et al.

X	Committee on Native American Affairs
	Committee on Ways and Means
	Committee on Appropriations
	Caucus and COW
	Third Read
	As Passed the House

HB 2240 establishes a transaction privilege tax (TPT) exemption for nonprofit charitable organizations that primarily provide educational scholarships to Native American students.

History

A nonprofit charitable organization that qualifies under section 501 (c)(3) of the internal revenue code is exempt from income tax. An exemption from transaction privilege tax must be provided for in statute.

Provisions

· Provides that sales of tangible personal property to a nonprofit charitable organization that has qualified under section 501(c)(3) of the internal revenue code and that primarily provides educational scholarships to Native American students be exempt from TPT tax.

· Provides that TPT tax does not apply to the storage, use or consumption of tangible personal property purchased by a nonprofit charitable organization that has qualified under section 501(c)(3) of the internal revenue code and that primarily provides educational scholarships to Native American students.

· Clarifies existing language.

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· 45th Legislature

· Second Regular Session 2 February 13, 2002

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