Retail Sales and Use Tax; exemptions for nonprofit entities.

Retail sales and use tax; exemptions for nonprofit entities. Increases from $1 million to $2 million the minimumthreshold for gross revenue of a nonprofit entity that allows theDepartment of Taxation to require such entity to provide a financialaudit before receiving a federal income tax exemption. The bill requiresthat, beginning January 1, 2025, and every five years after thatdate, the $2 million threshold be adjusted according to the Consumer Price Index for food and beverages, all urban consumers (CPI-U) forthe previous five-year period.