A bill to amend the Internal Revenue Code of 1986 to modify eligibility for 501(c)(3) status.

Read twice and referred to the Committee on Finance.

Bill 119 s 497, also known as the "501(c)(3) Eligibility Modification Act," is a proposed piece of legislation that aims to make changes to the Internal Revenue Code of 1986 in order to adjust the requirements for organizations seeking 501(c)(3) tax-exempt status.

Currently, in order to qualify for 501(c)(3) status, organizations must be operated exclusively for religious, charitable, scientific, literary, or educational purposes. This bill seeks to modify this eligibility criteria by potentially expanding the types of organizations that can qualify for this tax-exempt status.

The specific details of the modifications proposed in Bill 119 s 497 are not explicitly outlined in the summary, but it is clear that the intent is to broaden the scope of organizations that can qualify for 501(c)(3) status. This could potentially have significant implications for the types of organizations that are able to receive tax-exempt status and the benefits that come with it. Overall, Bill 119 s 497 represents an effort to update and modernize the criteria for 501(c)(3) eligibility in order to better reflect the diverse range of organizations that exist in today's society. It will be important to closely monitor the progress of this bill and any potential amendments or changes that may arise during the legislative process.