Synopsis As Introduced Creates the Charitable Tax Exemption Act. Provides that not-for-profit corporations that are exempt from taxation under Sections 501(c) or 501(d) of the Internal Revenue Code or organized under the General Not For Profit Corporation Act of 1986 are exempt from any tax imposed by the State or any unit of local government. Preempts home rule powers.
Fiscal Note (Dept. of Revenue)
The total fiscal impact for HB 2881 is as follows: (1) Sales and Use Tax Loss on Retail purchases by qualifying exempt organizations = $142.0 Million; (2) Sales and Use Tax Loss on Retail sales by qualifying exempt organizations = $22.0 Million; (3) State motor fuel tax loss = $65.0 Million; (4) Utilities Tax loss = $46.9 Million; (5) Real Estate Transfer Tax = $0.6 Million; Total Tax Loss = $276.5 Million.