New York S07880 allows tax-exempt organizations listed on the federal 501(c)(3) list as of March 1, 2025, to maintain their tax-exempt status in New.

New York S07880, known as the "NY-PROTECT ACT," ensures that organizations listed on the federal 501(c)(3) tax-exempt list as of March 1, 2025, automatically maintain their tax-exempt status for New York state purposes until January 20, 2029. The bill also allows organizations whose federal tax-exempt status was revoked improperly to apply for a "state protected not-for-profit organization" designation. This designation exempts them from state tax requirements, provided they meet the criteria.

New York S07880 allows tax-exempt organizations listed on the federal 501(c)(3) list as of March 1, 2025, to maintain their tax-exempt status in New.

New York S07880, known as the "NY-PROTECT ACT," ensures that organizations listed on the federal 501(c)(3) tax-exempt list as of March 1, 2025, automatically maintain their tax-exempt status for New York state purposes until January 20, 2029. The bill also allows organizations whose federal tax-exempt status was revoked improperly to apply for a "state protected not-for-profit organization" designation. This designation exempts them from state tax requirements, provided they meet the criteria.