NC S62

Creates a direct sales tax exemption for nonprofit hospitals, 501(c)(3) organizations, volunteer fire departments, volunteer EMS squads, qualified retirement facilities, and university-affiliated nonprofit organizations for purchases used in carrying out their work

Caps the annual state sales tax exemption at $31,700,000 per entity and the local sales tax exemption at $13,300,000 per entity per fiscal year

Exempts admission charges for fundraising events held by tax-exempt nonprofits from sales tax, even if entertainment is offered as an ancillary purpose

Excludes certain purchases from the exemption including electricity, telecommunications, piped natural gas, video programming, prepaid meal plans, aviation fuel, and spirituous liquor

Sections 1-5 become effective October 1, 2025 for sales and purchases; Section 6 (fundraising event exemption) becomes effective July 1, 2025