LD 1395
pg. 23
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LR 824
Item 1

 
(c) "Unrelated trade or business" means any trade
or business whose conduct is not substantially
related to the exercise or performance by a
nonprofit organization of the purposes
constituting the basis for exemption under Section
501(c)(3) of the Code.;

 
E. The real estate and personal property owned and
occupied by posts of the American Legion, Veterans of
Foreign Wars, American Veterans of World War II, Grand
Army of the Republic, Spanish War Veterans, Disabled
American Veterans and Navy Clubs of the U.S.A., which
shall be are used solely by those organizations for
meetings, ceremonials or instruction, including all
facilities appurtenant to such use and used in connection
therewith. If any building shall is not be used in its
entirety for those purposes, but shall be is used in part
for those purposes and in part for any other purpose,
exemption shall is only be of the part used for those
purposes.

 
Further conditions to the right of exemption are that:

 
Further conditions to the right of exemption are that:

 
(1) No director, trustee, officer or employee of any
organization claiming exemption shall may receive
directly or indirectly any pecuniary profit from the
operation thereof, excepting reasonable compensation
for services in effecting its purposes or as a proper
beneficiary of its purposes;

 
(2) All profits derived from the operation thereof and
the proceeds from the sale of its property are
devoted exclusively to the purposes for which it is
organized; and

 
(3) The institution, organization or corporation
claiming exemption under this subsection shall file
with the tax assessors upon their request a report
for its preceding fiscal year in such detail as the
tax assessors may reasonably require.;

 
F. The real estate and personal property owned and
occupied or used solely for their own purposes by chambers
of commerce or boards of trade in this State.

 
Further conditions to the right of exemption are that:


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