MM. Credit unions that are organized under the laws of this State. This paragraph remains in effect only for the time that federally chartered credit unions are, by reason of federal law, exempt from payment of state sales tax;

NN. Nonprofit organizations whose primary purpose is to develop housing for low-income people;

OO. Nonprofit organizations whose primary purpose is to obtain, medically evaluate and distribute eyes for use in corneal transplantation, research and education; and

PP. Centers for innovation as described in Title 5, section 13141.

2. Exempt activities. The exemptions provided by this section to a person based upon its charitable, nonprofit or other public purposes apply only to purchases intended to be used by the person primarily in the activity identified by the particular exemption. Exemption certificates issued by the State Tax Assessor pursuant to this section must identify the exempt activity and must state that the certificate may be used by the holder only for purchases intended to be used by the holder primarily in the exempt activity. When an otherwise qualifying person is engaged in both exempt and nonexempt activities, an exemption certificate may be issued to the person only if the person has established to the satisfaction of the assessor that the applicant has adequate accounting controls to limit the use of the certificate to exempt purchases.

§4953. Credit for worthless accounts

The tax paid on sales represented by accounts charged off as worthless may be credited against the tax due on a subsequent return filed within 3 years of the charge-off. For purposes of this section, a worthless account is a bad debt as defined in Section 166 of the Code, adjusted to exclude finance charges or interest, taxes charged on the sale price and expenses incurred in attempting to collect the debt. A credit may be taken on the return filed for the period during which the account is written off as uncollectible in the claimant's books and records and is eligible to be deducted for federal income tax purposes. If a deduction is taken for a bad debt and the debt is subsequently collected in whole or in part, the tax on the amount so collected must be paid and reported on the return filed for the period in which the collection is made.