California AB2084 amends tax-exempt status rules for nonprofit organizations.

California AB2084 amends the Corporation Tax Law to modify the tax-exempt status of nonprofit organizations. The bill requires organizations to submit federal exemption documentation to the Franchise Tax Board for acknowledgment of tax exemption. It also allows the Franchise Tax Board to suspend or revoke tax-exempt status if certain conditions are met, such as failure to file required returns or reports, misuse of funds, or other breaches of reporting or governance requirements.

California AB2084 amends tax-exempt status rules for nonprofit organizations.

California AB2084 amends the Corporation Tax Law to modify the tax-exempt status of nonprofit organizations. The bill requires organizations to submit federal exemption documentation to the Franchise Tax Board for acknowledgment of tax exemption. It also allows the Franchise Tax Board to suspend or revoke tax-exempt status if certain conditions are met, such as failure to file required returns or reports, misuse of funds, or other breaches of reporting or governance requirements.