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SB 107 Martin Luther King, Jr. Living History & Public Policy Center; amending governing structure thereof.
SUMMARY AS INTRODUCED:
Board of Trustees of the Martin Luther King, Jr. Living History and Public Policy Center. Amends Virginia law establishing the governing structure of the Martin Luther King, Jr. Living History and Public Policy Center, an independent nonprofit corporation, to conform the statutes with § 501 (c) (3) of the Internal Revenue Code and federal and state laws governing tax exempt organizations. The Center was granted federal tax exempt status after the enactment of Senate Bill 804 by the 2005 Session of the General Assembly. A two-year transition period was granted by the Internal Revenue Service to transfer responsibility for the Center from the General Assembly to the Board of Trustees so that the Board and Center could become acclimated to functioning as an independent nonstock corporation. The transition period and the provisions of this act expire on July 1, 2007.
This bill is a recommendation of the legislative commission, the Dr. Martin Luther King, Jr. Memorial Commission.