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of <h1>Nonprofit tax rule: 85%+ of annual regular income applied or accumulated for charity makes taxable income nil; secs 341, 342</h1> Where a registered non-profit's regular income for a year is 85% or more applied or accumulated for charitable/religious purposes as per the Part, taxable regular income is nil; otherwise taxable regular income equals 85% of regular income minus amounts so applied or accumulated in that year. The enacted text clarifies that 'application' is governed by section 341 and 'accumulation' by section 342, removing the Bill's ambiguity that conflated cross-references. The change narrows interpretive disputes and shifts compliance focus to satisfying the separate tests and documentation requirements in sections 341 and 342.
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