|Posted:||April 15, 2020 10:07 AM|
|From:||Representative Brian Sims|
|To:||All House members|
|Subject:||Charity Endowment Withdrawals|
|Charitable trusts and non-profit charitable organizations are especially challenged by the COVID-19 outbreak, with its devastating effect on businesses. To alleviate some of the strain on these organizations, we must pursue measures to bolster them as they struggle to maintain solvency.
My proposal will increase the cap on the percentage of the value of assets held by or for an electing charity, upon the declaration of a disaster emergency by the Governor. During the disaster emergency and for a period of one year from the date the disaster declaration is rescinded, the cap will increase from its current 7 percent to 10 percent. This will assist these organizations in the long-term preservation of assets.
This legislation is an important step in supporting the Commonwealth’s charitable organizations. I hope that you will join me in this endeavor.
Introduced as HB2422