The bill amends the Code of West Virginia to create a framework for institutions of higher education to conduct online raffles as a fundraising method. It allows these institutions to hold online raffles without a license if they have been established for at least one year, while imposing limits on individual prize values and total gross proceeds. The legislation also eliminates the requirement for online raffle licensees to utilize geo-location technology and maintain servers within the state, clarifying that online raffles are not categorized as sports or interactive wagering activities.

Additionally, the bill outlines the licensing process for institutions and charitable organizations, allowing them to apply for annual or limited occasion licenses. It exempts gross proceeds from online raffles from various state and local taxes, including business and occupation taxes, and specifies the information required in the application process. The bill also permits reasonable expenses related to online raffles to be deducted from gross proceeds, capped at 40%, and mandates that net proceeds be used for the stated purposes within one year after the license expires. The Tax Commissioner is empowered to disapprove unreasonable contracts or leases, ensuring compliance and promoting transparency in fundraising activities.