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 removes the previous requirement for online raffle licensees to utilize geo-location technology and maintain servers within the state, clarifying that online raffles do not fall under the category of sports or interactive wagering activities.

Additionally, the bill outlines a licensing process for higher education institutions and charitable organizations, permitting only one annual license per organization and its affiliates, and establishing a fee structure for these licenses. It exempts gross proceeds from various state and local taxes and specifies that organizations are not required to collect consumer sales taxes on admission fees and raffle ticket sales. The bill also details the application requirements for an online raffle license, allowable expenses from gross proceeds, 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 and may revoke or suspend licenses for violations, while also allowing licensees to seek permission to redirect net proceeds for different charitable purposes if necessary.