Budget shortfalls have forced many states to get creative about raising revenue during an economic recovery. Tax software provider Sabrix, Inc. recently put together a list of some of 2009’s oddest sales and use tax changes:
- The Illinois candy tax: Illinois changed their tax laws in regards to taxing candy. Chocolate bars, yogurt- or chocolate-covered nuts or fruit, honey-coated nuts, caramel popcorn, lollipops, snack mixes containing yogurt or chocolate, breath mints, and gum are considered candy and taxed at the standard sales tax rate. H
You’ve just received your 501(c) 3 tax-exempt status from the Internal Revenue Service for your new non-profit organization but what other items are required? Most non-profit corporations must follow the same rules conventional corporations do as defined by their state’s Corporation Commission. Ski