NC S700

Reduces the annual aggregate state sales tax refund limit for nonprofits from $31,700,000 to $70,370 per fiscal year.

Reduces the annual aggregate local sales tax refund limit for nonprofits from $13,300,000 to $29,630 per fiscal year.

Applies the same refund limitations and exemptions to local sales and use taxes as exist for state sales and use taxes.

Becomes effective July 1, 2016, and applies to refund applications filed on or after that date.