FAIRFAX, Virginia — On Friday, the National Rifle Association of America announced in a news release it would be restructured as a nonprofit in Texas, leaving what it called a “corrupt political and regulatory environment in New York.”

The NRA also announced it planned to file for bankruptcy, but claimed the move comes during a time when the NRA is in its strongest financial condition in years, according to the release.

The association will still need court approval before it can reincorporate in the state of Texas, according to the release, but it said an important part of its plan is to leave New York.

“The NRA is pursuing reincorporating in a state that values the contributions of the NRA, celebrates our law-abiding members, and will join us as a partner in upholding constitutional freedom. This is a transformational moment in the history of the NRA,” said NRA CEO & EVP Wayne LaPierre.