FL S0458

Defines "charitable contribution" as contributions meeting Internal Revenue Code section 170(c) standards, made by natural persons or qualified religious/charitable entities, consisting of financial instruments or cash.

Defines "qualified religious or charitable entity or organization" as entities described in Internal Revenue Code sections 170(c)(1) or 170(c)(2).

Exempts transfers of charitable contributions received in good faith by qualified religious or charitable entities from Uniform Fraudulent Transfer Act provisions.

Removes the exemption for charitable contributions transferred within 2 years before commencement of legal action or bankruptcy proceedings unless the contribution does not exceed 15 percent of the transferor's gross annual income, or the contribution exceeded that percentage but was consistent with the transferor's charitable giving practices.

Takes effect July 1, 2012, and does not apply to transfers already avoided by judgment prior to that date.