Tax
The Nonprofit Revitalization Act of 2013 (“Act”), many parts of which are effective July 1, will affect New York nonprofit corporations and wholly-charitable trusts as well nonprofit corporations formed in other jurisdictions that are required to register with the state to solicit charitable contributions in New York. The Act represents the first overhaul of New York’s not-for-profit corporation law in over 40 years and is intended to reduce unnecessary and outdated burdens on nonprofits while enhancing nonprofit governance and oversight to prevent fraud and improve public trust.
Unless otherwise indicated, the effective date of the provisions of the Act is July 1, 2014. The governing boards and officers of New York nonprofit corporations may want to review the governance and operating procedures of the organization with counsel to ensure compliance with the new requirements.
To learn more about the provisions of the Act, click on the following links:
