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ExemptOrgResource.com is an online resource for information and insight on the unique legal issues impacting nonprofit organizations. The blog is designed to keep the nonprofit, tax-exempt organization community up-to-date on legal developments, changing regulations and good practices.

NPRA Redux: Proposed NPCL Amendments Approved by Senate and Assembly

The New York State Assembly and Senate have passed a bill which, if signed by the Governor, would amend the Not-for-Profit Corporation Law (the “NPCL”) and the Estates, Powers and Trusts Law (the “EPTL”) to clarify and refine some of the changes to both laws effected as part of the 2013 New York Non-Profit Revitalization Act (the “NPRA”).  Bill No. A. 10365B/S. 7913 was introduced on May 24, 2016.  It passed the Assembly on June 15 and the Senate on June 16, just before the end of the legislative session, and should be delivered to the Governor sometime in the next several months.  

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IRA Charitable Rollover Provision Becomes Permanent Law

The IRA charitable rollover provision of the Internal Revenue Code, which allows individuals age 70½ or older to transfer, tax-free, up to $100,000 per year from an IRA to one or more eligible charities, has become permanent law, retroactive to January 1, 2015.  This provision entered the Code as a temporary measure under the Pension Protection Act of 2006.  Congress then extended it several times, most recently through December 31, 2014.  It was made permanent when President Obama signed the Protecting Americans from Tax Hikes (PATH) Act of 2015 into law last Friday, and the provision will apply retroactively to all eligible IRA charitable rollovers made on or after January 1, 2015.

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Tax Reform Act of 2014 and the Charitable Deduction

Representative Dave Camp, the current chair of the House Ways and Means Committee (the “Committee”), introduced a discussion draft of the Tax Reform Act of 2014 (the “Camp Bill”) on February 26, 2014.  Although it is widely predicted that the Camp Bill will not pass, exempt organizations should still examine it closely, because it is emblematic of a new trend in legislative proposals dealing with tax reform.

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6 Easy-to-Miss Points about New York’s Non-Profit Revitalization Act, Part II of II

New York’s Non-Profit Revitalization Act (the “Act”) went into effect on July 1, 2014.  This is the second in a two-part series of easy-to-miss points about the Act.  For last week’s installment, view post titled "6 Easy-to-Miss Points about New York’s Non-Profit Revitalization Act, Part I of II."  Patterson Belknap’s complete summary of the Act is also available if you’d like to delve more deeply.

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