SB4180 - Tennessee - Charitable Institutions, Titles, Short

Companion Bill HB4158. Charitable Institutions - Enacts the "Tennessee Charitable Gift Annuity Act of 2008," which replaces the existing "Charitable Gift Annuities Exemption Act." - Amends TCA Title 56, Chapters 2 and Chapter 52. Fiscal Summary for SB4180 / *HB4158Increase State Expenditures - Not Significant Bill Summary for SB4180 / *HB4158 Present law allows a charitable organization to issue a qualified charitable gift annuity. Under present law, "qualified charitable gift annuity" means a charitable gift annuity, as defined by the federal Internal Revenue Code, that is issued by a charitable organization that: (1) Has a minimum of $1 million, subject to specified deductions and exceptions, in unrestricted cash, cash equivalents, or publicly traded securities, exclusive of assets funding the annuity agreements; and (2) [...]

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