Massachusetts General Laws ch. 175F sec. 16 – Fund declared to be charitable and benevolent institution; exemption from taxes
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Section 16. A fund is hereby declared to be a charitable and benevolent institution, and all of its assets shall be exempt from all and every state, county, district, municipal and school tax, if all of its participants qualify for exemption from federal taxes under 26 U.S.C. § 501, or qualify for the exclusion from gross income provided under 26 U.S.C. § 115.
Terms Used In Massachusetts General Laws ch. 175F sec. 16
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.