California Revenue and Taxation Code 214.10 v2 – For purposes of Section 214, any nonprofit corporation organized and …
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For purposes of Section 214, any nonprofit corporation organized and operated for the advancement of education, improvement of social conditions, and improvement of the job opportunities of low-income, unemployed and underemployed citizens of the communities in which they operate, and otherwise meeting all the requirements of Section 214, shall not be disqualified from receiving the welfare exemption solely because such organization receives all its funds from governmental agencies.
(Added by Stats. 1979, Ch. 1161.)
Terms Used In California Revenue and Taxation Code 214.10 v2
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.