A charitable gift annuity issued prior to the effective date of this act shall be deemed to be a qualified charitable gift annuity if both of the following conditions are met:
(1) The charitable gift annuity qualified as a charitable contribution under the provisions of the Internal Revenue Code of 1986 ( Public Law 99-514 , 26 U.S.C. § 1 et seq. ) governing charitable deductions at the time the charitable gift annuity was issued.
(2) The issuing organization was a qualified charity at the time the charitable gift annuity was issued or becomes a qualified charity within one year of the effective date of this act.
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