WHAT 501(c)(3) DO YOU BELONG TO⁉️
IN 501(c)(3) WE TRUST❗️
When did America start issuing 501(c)(3)s out to Churches and Charities?
Google AI Overview
Churches and Charitable Organizations were Formally Recognized and Issued TAX Exemptions under FEDERAL INCOME TAX LAW following the Ratification of the 16th Amendment AND the Enactment of the 👉
REVENUE ACT Of 1913. This ACT Specifically Granted INCOME TAX EXEMPTIONS to Organizations "Organized and Operated Exclusively for Religious, Charitable, {{SCIENTIFIC}}, or Educational Purposes".
The Specific Designation of Organizations EXEMPT Under SECTION 501(c)(3) of the Internal Revenue Code was Established in 1954. The Language Defining Qualifying Organizations in This SECTION Remains Largely the Same TODAY as It was in 1954.
📌EVOLUTION 👀 of TAX EXEMPTIONS
👉Pre-1913: The Concept of Exempting Religious and Charitable Organizations from TAXES Existed in the United States since Colonial Times.
📍1894: The Tariff Act
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📍1894: The Tariff Act of 1894 included a TAX EXEMPTION for Charitable Organizations.
👉1909: The Revenue Act of 1909 Granted TAX Exemptions to Organizations Operated Exclusively for Religious, Charitable, or Educational Purposes.
❗️1954: CONGRESS Codified and Refined the RULES Governing TAX EXEMPTIONS for Churches and Charities under SECTION 501(c)(3).
❗️👉1969: The Tax Reform Act of 1969 further Refined the Regulations Surrounding Tax-Exempt Organizations.
While the Concept of Tax-Exempt Status for CHURCHES and Charities has a Longer History, the Specific Classification Under SECTION 501(c)(3) Originated in 1954.
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The History and Risk of Losing Tax-Exempt Status in the U.S. - Greenspoon Marder LLP https://share.google/TNnTLZAn8DOofXuHJ
