Bill > HB2484

This bill amends Titles 15 (Corporations and Unincorporated Associations) and 20 (Decedents, Estates and Fiduciaries) of the Pennsylvania Consolidated Statutes to establish financial restrictions related to the COVID-19 emergency. The key provisions include: (1) allowing nonprofit corporations to select a higher percentage (up to 10%) of the value of their assets as "income" during 2020-2022, to address their need for capital to fulfill their mission; (2) allowing nonprofit corporations and donors to enter into binding nonjudicial settlement agreements to modify restrictions on donated property during 2020-2022; and (3) allowing charitable trusts to select a higher percentage (up to 10%) of the trust's value as "income" during 2020-2022 to address the needs of the charitable organizations receiving the funds.