(a) It is held by an identified charitable organization and makes the organization a qualified beneficiary.

(b) It benefits only charitable organizations and, if the interest were held by an identified charitable organization, would make the organization a qualified beneficiary.

(c) It is held solely for charitable purposes and, if the interest were held by an identified charitable organization, would make the organization a qualified beneficiary.

127,12 Section 12. 701.0103 (3u) of the statutes is created to read:

701.0103 (3u) “Charitable organization” means any of the following:

(a) A person, other than an individual, organized and operated exclusively for charitable purposes.

(b) A government or governmental subdivision, agency, or instrumentality, to the extent it holds funds exclusively for a charitable purpose.

127,13 Section 13. 701.0103 (3x) of the statutes is created to read:

701.0103 (3x) “Charitable purpose” means the relief of poverty, the advancement of education or religion, the promotion of health, a municipal or other governmental purpose, or another purpose the achievement of which is beneficial to the community.

127,14 Section 14. 701.0103 (4) of the statutes is amended to read:

701.0103 (4) “Charitable trust” means a trust, or portion of a trust, created for a charitable purpose described in s. 701.0405 (1). This subsection does not apply in s. 701.1201.

127,15 Section 15. 701.0103 (5g) of the statutes is created to read:

701.0103 (5g) “Court” means the court that is identified in s. 701.0203 (1).

127,16 Section 16. 701.0103 (5w) of the statutes is created to read:

701.0103 (5w) “Current beneficiary” means a beneficiary that on the date the beneficiary’s qualification is determined is a distributee or permissible distributee of trust income or principal or is the holder of a presently exercisable general power of appointment.

127,17 Section 17. 701.0103 (9) of the statutes is amended to read:

701.0103 (9) “General power of appointment” has the meaning given in s. 702.02 (5) 702.102 (7).

127,18 Section 18. 701.0103 (11p) of the statutes is created to read:

701.0103 (11p) “Identified charitable organization” means a charitable organization that is expressly designated to receive distributions under the terms of a charitable trust and that is not subject to a right of substitution by the settlor or by any other party prior to the charitable organization becoming a current beneficiary.

127,19 Section 19. 701.0103 (15m) of the statutes is created to read:

701.0103 (15m) “Issue” has the meaning given in s. 851.13.

127,20 Section 20. 701.0103 (17m) of the statutes is created to read:

701.0103 (17m) “Powerholder” has the meaning given in s. 702.102 (14).

127,21 Section 21. 701.0103 (18) of the statutes is amended to read:

701.0103 (18) “Power of appointment” has the meaning given in s. 702.02 (6) 702.102 (15).

127,22 Section 22. 701.0103 (19r) of the statutes is created to read:

701.0103 (19r) “Presently exercisable power of appointment” has the meaning given in s. 702.102 (16).

127,23 Section 23. 701.0103 (19v) of the statutes is created to read:

701.0103 (19v) “Presumptive remainder beneficiary” means, without considering the existence or exercise of a power of appointment, other than a power of appointment that has been irrevocably exercised and notice of the exercise has been given to the trustee, a beneficiary that on the date the beneficiary’s qualification is determined, would be any of the following: