The bill amends the Code of West Virginia to allow institutions of higher education to conduct online raffles as a fundraising method without requiring a license, provided they have been established for at least one year. It sets a maximum prize limit of $4,000 per raffle and total gross proceeds not exceeding $15,000 in a calendar year. The legislation removes the previous requirement for online raffle licensees to utilize geo-location technology and maintain servers within the state. Additionally, it clarifies that these online raffles will not be classified as sports wagering or interactive wagering activities, thus exempting them from certain regulations.

Furthermore, the bill provides tax exemptions for gross proceeds from online raffles, relieving institutions from various state and local taxes, including consumer sales and service taxes. It outlines the application process for obtaining raffle licenses, including fees and necessary information, and mandates that a responsible member be present during the drawing. The bill allows for reasonable expenses to be deducted from gross proceeds, capped at 40%, and requires that net proceeds be used for the stated purposes within one year of the license expiration. The Tax Commissioner is given authority to disapprove unreasonable contracts, and violations may result in license revocation or suspension.