§703-A. Charitable gift annuity agreement
1.
Charitable gift annuity agreement defined.
For the purposes of this Title, a "charitable gift annuity agreement" is a written contract in which a qualified organization receives money or other property conditioned upon the organization's agreement to pay an annuity to one or more individuals; as long as, with respect to the organization, the annuity meets the requirements for exclusion from the definition of "acquisition indebtedness" under the Internal Revenue Code, Section 514(c)(5) or a successor provision.
[PL 1995, c. 375, Pt. C, §3 (NEW).]
2.
Qualified organization defined.
For the purposes of this Title, a "qualified organization" is an organization that is privately and specially established as an instrumentality of the State for a nonprofit purpose or an organization that meets the following requirements.
A.
The organization is a nonprofit organization that is either:
(1)
An organization to which the Maine Nonprofit Corporation Act applies; or
(2)
Organized under the laws of a jurisdiction within the United States and qualified as a foreign corporation pursuant to Title 13‑B, chapter 12.
[PL 1995, c. 375, Pt. C, §3 (NEW).]
B.
The organization qualifies as a tax-exempt organization under the Internal Revenue Code, Section 501(c)(3) or a successor provision.
[PL 1995, c. 375, Pt. C, §3 (NEW).]
C.
The organization:
[PL 1995, c. 375, Pt. C, §3 (NEW).]
(1)
Has been operating continuously for 5 or more years;
(2)
Is a parent or subsidiary of a qualified organization; or
(3)
Is the successor to an organization that meets the requirements of paragraphs A and B and both organizations together have operated continuously for 5 or more years.
[PL 1995, c. 375, Pt. C, §3 (NEW).]
SECTION HISTORY
PL 1995, c. 375, §C3 (NEW).