Texas Insurance Code - Section 102.002. Qualified Charitable Gift Annuity
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§ 102.002. QUALIFIED CHARITABLE GIFT ANNUITY. A
charitable gift annuity is a qualified charitable gift annuity for
purposes of this chapter if it was issued before September 1, 1995,
or if it is:
(1) described by Section 501(m)(5), Internal Revenue Code
of 1986; and
(2) issued by a charitable organization that on the date of
the annuity agreement:
(A) has, exclusive of the assets funding the annuity
agreement, a minimum of $100,000 in unrestricted cash, cash
equivalents, or publicly traded securities; and
(B) has been in continuous operation for at least three
years or is a successor or affiliate of a charitable organization
that has been in continuous operation for at least three years.
Added by Acts 1999, 76th Leg., ch. 101, § 1, eff. Sept. 1, 1999.
Section: 101.351 101.352 101.353 101.354 101.355 101.356 102.001 102.002 102.051 102.101 102.102 102.103 102.104 102.151 102.152
Last modified: August 11, 2007
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