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IN SB0317
Bill
AI Summary
- Adds IC 6-3-1-36 to define "eligible community foundation" for Indiana taxation purposes, effective July 1, 2015
- Requires organizations to be exempt from federal income taxation under Section 501(c)(3) of the Internal Revenue Code
- Requires organizations to satisfy the public support test under Section 170(b)(1)(A)(vi) of the Internal Revenue Code
- Requires organizations to be autonomous, nonsectarian philanthropic institutions with permanent component funds established by many separate donors
- Requires organizations to be accredited under national Community Foundations National Standards Board standards and support a broad range of charitable activities within a specific Indiana geographic area
- Includes affiliate funds of eligible community foundations within the definition
Legislative Description
Community foundations. Defines an "eligible community foundation" for state income tax purposes as an organization that: (1) is a tax exempt charitable organization; (2) satisfies the public support test for public charities; (3) is an autonomous, nonsectarian philanthropic institution with component funds established by many separate donors; (4) is accredited under national standards for United States Community Foundations; and (5) supports a broad range of charitable activities in a specific area of the state.
Last Action
Public Law 50
4/23/2015
Committee Referrals
Ways and Means3/5/2015
Tax and Fiscal Policy1/8/2015
Full Bill Text
No bill text available