Senate Bill sb1478

    Florida Senate - 2004                                  SB 1478

    By Senator Crist





    12-354-04

  1                      A bill to be entitled

  2         An act relating to tax-exempt entities;

  3         requiring organizations that are exempt from

  4         taxation under the Internal Revenue Code to

  5         file annual financial reports with the

  6         Department of Revenue; requiring the department

  7         to review such reports and to provide

  8         information to the state attorney if the

  9         department reasonably suspects specified

10         wrongdoing; providing an effective date.

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12  Be It Enacted by the Legislature of the State of Florida:

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14         Section 1.  Required financial reports; tax-exempt

15  entities.--

16         (1)  Each organization in this state that is exempt

17  from federal taxation under section 501(c)(3) or section

18  501(c)(4) of the Internal Revenue Code of 1986, as amended,

19  including, but not limited to, charitable organizations as

20  defined in section 496.404, Florida Statutes, and religious

21  institutions, must file with the Department of Revenue an

22  annual financial report for the immediately preceding fiscal

23  year upon a form prescribed by the department. An organization

24  that is required to submit an annual financial report under

25  section 496.407, Florida Statutes, may comply with this

26  subsection by submitting to the department a copy of that

27  report.

28         (2)  In lieu of the financial report described in

29  subsection (1), an organization that is subject to this

30  section may submit to the department a copy of its Internal

31  Revenue Service Form 990 and Schedule A filed for the

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CODING: Words stricken are deletions; words underlined are additions.






    Florida Senate - 2004                                  SB 1478
    12-354-04




 1  preceding fiscal year, or a copy of its Form 990-EZ filed for

 2  the preceding fiscal year.

 3         (3)  The department shall review the reports submitted

 4  under this section and, if there is reasonable cause to

 5  suspect that the charitable or religious organization is

 6  expending funds in a manner that violates the requirements for

 7  tax-exempt status or that any leader of the organization is

 8  committing a fraud in soliciting or expending the

 9  organization's funds, the department shall notify the

10  appropriate state attorney's office and shall provide to the

11  state attorney any information or evidence supporting that

12  suspicion.

13         Section 2.  This act shall take effect July 1, 2004.

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16                          SENATE SUMMARY

17    Requires organizations that are exempt from taxation
      under s. 501(c)(3) or s. 501(c)(4) of the Internal
18    Revenue Code, including religious institutions, to file
      annual financial reports with the Department of Revenue.
19    Requires the department to review such reports and to
      provide information to the state attorney if the
20    department reasonably suspects that a leader of such an
      organization is acting in violation of the entity's
21    tax-exempt status or is otherwise committing fraud.

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CODING: Words stricken are deletions; words underlined are additions.