Maine Revised Statutes Title 24-A. Maine Insurance Code § 703-A. Charitable gift annuity agreement
Current as of January 01, 2022 | Updated by FindLaw Staff
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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) 1 or a successor provision.
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 2 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. 3
B. The organization qualifies as a tax-exempt organization under the Internal Revenue Code, Section 501(c)(3) 4 or a successor provision.
C. The organization:
(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.
Cite this article: FindLaw.com - Maine Revised Statutes Title 24-A. Maine Insurance Code § 703-A. Charitable gift annuity agreement - last updated January 01, 2022 | https://codes.findlaw.com/me/title-24-a-maine-insurance-code/me-rev-st-tit-24-a-sect-703-a/
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