Sec. 1. 13-B MRSA §1308 is enacted to read:

§1308.__Additional filings required

A nonprofit corporation organized under this Act or created by special act of the Legislature that qualifies as tax-exempt under federal law and is required to file federal Internal Revenue Service Form 990, or its successor form, as a means of ensuring public accountability shall also file a copy of that form with the Secretary of State at the same time the federal form is filed.

SUMMARY

Most charitable corporations qualifying as tax-exempt under federal law must file IRS Form 990 as a means of ensuring public accountability. This bill requires such an organization to file a copy of that form with the Secretary of State as well.