"Professional sports team foundation" means a bona fide charitable organization that meets the following requirements:
(1) The organization:
- (A) operates; and
(B) is in existence;
in Indiana.
- (2) The organization has a constitution, articles, charter, or bylaws that contain a clause that provides that upon dissolution all remaining assets shall be used for the organization's stated purposes.
- (3) The organization is exempt from federal income taxation under Section 501(c)(3) of the Internal Revenue Code.
- (4) The organization is affiliated with a franchise in the National Football League, the National Basketball Association, or Major League Baseball.
As added by P.L.114-2023, SEC.1.