FTB Simplifies Tax Exemption Process for Charitable Organizations
Released July 16, 2008
The Franchise Tax Board (FTB) today announced a new, faster tax exemption process for many organizations seeking tax-exempt status in California.
"The Franchise Tax Board is streamlining its process to speed up the time it takes to provide tax-exempt status for California's charitable non-profits,” said State Controller and FTB Chair John Chiang.
Organizations who qualify under Internal Revenue Code section 501(c)(3) are non-profits formed for charitable, religious, educational, scientific or other purposes.
Previously, charitable organizations applied with the Internal Revenue Service (IRS) and then again with FTB. Now organizations granted 501(c)(3) tax-exempt status by the IRS simply provide a copy of their federal determination letter to attain exemption at the State level.
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