Charity Endowment Withdrawals
April 15, 2020 10:07 AM to All House Members
Circulated By
Representative Brian Sims
D House District 182
Memo
Charitable trusts and non-profit charitable organizations are especially challenged by the COVID-19 outbreak, with its devastating effect on businesses. To alleviate some of the strain on these organizations, we must pursue measures to bolster them as they struggle to maintain solvency.
My proposal will increase the cap on the percentage of the value of assets held by or for an electing charity, upon the declaration of a disaster emergency by the Governor. During the disaster emergency and for a period of one year from the date the disaster declaration is rescinded, the cap will increase from its current 7 percent to 10 percent. This will assist these organizations in the long-term preservation of assets.
This legislation is an important step in supporting the Commonwealth’s charitable organizations. I hope that you will join me in this endeavor.
My proposal will increase the cap on the percentage of the value of assets held by or for an electing charity, upon the declaration of a disaster emergency by the Governor. During the disaster emergency and for a period of one year from the date the disaster declaration is rescinded, the cap will increase from its current 7 percent to 10 percent. This will assist these organizations in the long-term preservation of assets.
This legislation is an important step in supporting the Commonwealth’s charitable organizations. I hope that you will join me in this endeavor.
Legislation
Document - Introduced as HB 2422
Charity Endowment Withdrawals
April 15, 2020 10:07 AM to All House Members
Circulated By
SIMS
Memo
Charitable trusts and non-profit charitable organizations are especially challenged by the COVID-19 outbreak, with its devastating effect on businesses. To alleviate some of the strain on these organizations, we must pursue measures to bolster them as they struggle to maintain solvency.
My proposal will increase the cap on the percentage of the value of assets held by or for an electing charity, upon the declaration of a disaster emergency by the Governor. During the disaster emergency and for a period of one year from the date the disaster declaration is rescinded, the cap will increase from its current 7 percent to 10 percent. This will assist these organizations in the long-term preservation of assets.
This legislation is an important step in supporting the Commonwealth’s charitable organizations. I hope that you will join me in this endeavor.
My proposal will increase the cap on the percentage of the value of assets held by or for an electing charity, upon the declaration of a disaster emergency by the Governor. During the disaster emergency and for a period of one year from the date the disaster declaration is rescinded, the cap will increase from its current 7 percent to 10 percent. This will assist these organizations in the long-term preservation of assets.
This legislation is an important step in supporting the Commonwealth’s charitable organizations. I hope that you will join me in this endeavor.
Document
Introduced as HB 2422
Generated 03/22/2025 03:00 AM