California Revenue and Taxation Code

§ 236.5

RTC § 236.5 Effective Oct 9, 2001Div. 1 · Part 2 · Ch. 1 · Art. 1

Statute text

Any otherwise taxable interest in real property, leased for an original term of 35 years or more and used exclusively by the lessee for the operation of a public park that is uniquely of a governmental character, as described in paragraph (4) of subdivision (b) of Section 231, is, during the term of the lease, within the exemption provided for in subdivision (b) of Section 4 and Section 5 of Article XIII of the California Constitution, if all of the following conditions are met:

(a)The lessee is a charitable foundation that has received a determination that it is a charitable organization as described in Section 501(c)(3) of the Internal Revenue Code.

(b)The operation of the public park by the lessee is within the tax exempt purposes of the lessee.

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Legislative history

Added by Stats. 2001, Ch. 609, Sec. 1. Effective October 9, 2001.