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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