StateTax Form Requirements Streamlined For Vet Orgs

[boardman]

State Tax Form Requirements Streamlined For Veterans Service Organization Posts And Chapters

This bill was sponsored by the Navy League’s Palm Springs Council and supported by the American Legion-Department of California, AMVETS-Department of California, California State Commanders Veterans Council, Veterans of Foreign Wars-Department of California, and the Vietnam Veterans of America-California State Council.

On January 1, 2013, the California Revenue and Taxation Code, Section 23772, will be amended to include this new policy.

AB 1677 can be viewed at:
http://www.leginfo.ca.gov/pub/11-12/bil ... ptered.pdf

EXCERPT FROM THE LEGISLATIVE COUNSEL’S DIGEST OF AB 1677:

AB 1677, Nestande. Corporation taxes: filing requirements: tax-exempt organizations.

Under the Corporation Tax Law, specific tax-exempt organizations are exempted from the requirement to file annual information returns, including those organizations the gross receipts of which in each taxable year are normally not more than $25,000.

This bill would increase the gross receipts threshold for the application of the exemption from the annual filing requirement to $50,000.

Pete Conaty & Associates
Governmental Advocacy
1107 9th Street, Suite 530 ● Sacramento CA 95814

For immediate release
December 5, 2012

Contact:
Pete Conaty
(916) 492-0550
pconaty@sbcglobal.net