Automatically maintains New York tax-exempt status for organizations listed as 501(c)(3) on March 1, 2025, until January 1, 2026.

This bill, known as the "NY-PROTECT ACT," ensures that organizations listed as tax-exempt under section 501(c)(3) of the Internal Revenue Code as of March 1, 2025, automatically maintain their tax-exempt status for New York state purposes until January 1, 2026. The commissioner of taxation and finance must automatically designate these organizations as "state protected not-for-profit organizations" and accept their certification in lieu of other documentation. The commissioner may revoke this designation if the organization no longer meets the requirements.

Automatically maintains New York tax-exempt status for organizations listed as 501(c)(3) on March 1, 2025, until January 1, 2026.

This bill, known as the "NY-PROTECT ACT," ensures that organizations listed as tax-exempt under section 501(c)(3) of the Internal Revenue Code as of March 1, 2025, automatically maintain their tax-exempt status for New York state purposes until January 1, 2026. The commissioner of taxation and finance must automatically designate these organizations as "state protected not-for-profit organizations" and accept their certification in lieu of other documentation. The commissioner may revoke this designation if the organization no longer meets the requirements.