Corporation Tax Law: exemption: veteran's organizations.

The Corporation Tax Law exempts the income of various types of nonprofit organizations from taxes imposed by that law, except as provided. Under existing law, there is a method by which a nonprofit organization that has obtained a ruling, determination, or specified letter from the Internal Revenue Service that it is exempt from federal income taxes as an organization described in Section 501(c) (3) , (c) (4) , (c) (5) , (c) (6) , or (c) (7) of the Internal Revenue Code is authorized to obtain exemption from state taxes, as provided. This bill would additionally authorize an organization described in Section 501(c) (19) , which is a veteran's organization, to use that method to obtain such an exemption.