Charitable gifts, planned gifts, and qualified endowments credit -

Definitions. 1. For purposes of this section: a. "Permanent, irrevocable fund" means a fund comprising cash, securities, mutual funds, or other investment assets established for a specific charitable, religious, educational, or eleemosynary purpose and invested for the production or growth of income, or both, which may either be added to principal or expended. b. "Planned gift" means an irrevocable charitable gift to a North Dakota qualified nonprofit organization or qualified endowment held by or for a North Dakota qualified nonprofit organization, when the charitable gift uses any of the following techniques that are authorized under the Internal Revenue Code:

(1) Charitable remainder unitrusts, as defined by 26 U.S.C. 664;

(2) Charitable remainder annuity trusts, as defined by 26 U.S.C. 664;

(3) Pooled income fund trusts, as defined by 26 U.S.C. 642(c)(5);

(4) Charitable lead unitrusts qualifying under 26 U.S.C. 170(f)(2)(B);

(5) Charitable lead annuity trusts qualifying under 26 U.S.C. 170(f)(2)(B);

(6) Charitable gift annuities undertaken pursuant to 26 U.S.C. 1011(b);

(7) Deferred charitable gift annuities undertaken pursuant to 26 U.S.C. 1011(b);

(8) Charitable life estate agreements qualifying under 26 U.S.C. 170(f)(3)(B); or

(9) Paid-up life insurance policies meeting the requirements of 26 U.S.C. 170. "Planned gift" does not include a charitable gift using a charitable remainder unitrust or charitable remainder annuity trust unless the agreement provides that the trust may not terminate and beneficiaries' interest in the trust may not be assigned or contributed to the qualified nonprofit organization or qualified endowment sooner than the earlier of the date of death of the beneficiaries or five years from the date of the planned gift. "Planned gift" does not include a deferred charitable gift annuity unless the payment of the annuity is required to begin within the life expectancy of the annuitant or of the joint life expectancies of the annuitants, if more than one annuitant, as determined using the actuarial tables used by the internal revenue service in determining federal charitable income tax deductions on the date of the planned gift. "Planned gift" does not include a charitable gift annuity or deferred charitable gift annuity unless the annuity agreement provides that the interest of the annuitant or annuitants in the gift annuity may not be assigned to the qualified nonprofit organization or qualified endowment sooner than the earlier of the date of death of the annuitant or annuitants or five years after the date of the planned gift. "Planned gift" does not include a charitable gift annuity or deferred charitable gift annuity unless the annuity is a qualified charitable gift annuity for federal income tax purposes. c. "Qualified endowment" means a permanent, irrevocable fund held by:

(1) A North Dakota incorporated or established organization that is: