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36 U.S.C. § 120107 — Tax-exempt status required as condition of charter

submitted 18 years ago by Pub. L. 110-254 to r/title-36-PATRIOTIC-AND-NATIONAL-OBSERVANCES-CEREMONIES-AND-ORGANIZATIONS · 29 words · no verdicts yet

in plain englishAI-generated · not legal advice

This law ties the corporation's federal charter to its tax status. The corporation must stay tax-exempt under the Internal Revenue Code of 1986. If it loses that tax-exempt status, its federal charter ends.

This section makes staying tax-exempt a condition of keeping the federal charter. The corporation must remain an organization exempt from taxation under the Internal Revenue Code of 1986. If the corporation fails to keep that tax-exempt status, the charter granted under this chapter automatically terminates.
the actual law source: uscode.house.gov ↗public domain

If the corporation fails to maintain its status as an organization exempt from taxation under the Internal Revenue Code of 1986, the charter granted under this chapter shall terminate.

Source credit: (Added Pub. L. 110–254, § 1(a)(2), June 30, 2008, 122 Stat. 2421.)

history & why it existsrecord from the source credit
  • 2008Enacted · Pub. L. 110-254 · 122 Stat. 2421

A history note hasn’t been published yet. The record shows enactment by Pub. L. 110-254 on 2008-06-30.

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