Text: SF02036 Text: SF02038 Text: SF02000 - SF02099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 423.3, as enacted by 2003 Iowa Acts, 1 2 First Extraordinary Session, chapter 2, section 96, is amended 1 3 by adding the following new subsection: 1 4 NEW SUBSECTION. 78A. The sales price derived from the 1 5 operation of all forms of bingo games, as defined in chapter 1 6 99B, operated or conducted within the state by an entity which 1 7 is exempt from federal income taxation pursuant to section 1 8 501(c)(3) of the Internal Revenue Code where the proceeds are 1 9 used for the purposes of the nonprofit entity. 1 10 This exemption applies to the extent the tax is imposed 1 11 under section 423.2, subsection 4, but for this subsection, on 1 12 bingo game operations. 1 13 EXPLANATION 1 14 This bill exempts the amounts derived from the operation of 1 15 bingo games from the sales and use taxes, if the bingo games 1 16 are operated by an entity which is exempt from federal income 1 17 taxation pursuant to section 501(c)(3) of the Internal Revenue 1 18 Code. These entities include educational, religious, 1 19 charitable, literary, and scientific organizations. 1 20 LSB 5730XS 80 1 21 mg/sh/8
Text: SF02036 Text: SF02038 Text: SF02000 - SF02099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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