Georgia reopens tax credit program benefiting rural hospitals: 4 things to know

The Georgia Department of Revenue will reopen a tax credit program designed to provide financial help to the state's rural hospitals.

Four things to know:

1. The tax credit program initially took effect in January 2017. Under the program, Georgia taxpayers may donate to rural hospitals in exchange for matching tax credits.

2. State officials gave Georgia taxpayers until Oct. 1 to make their donations for calendar year 2018, The Moultrie Observer reported. But they decided to reopen the program Nov. 15 since the $60 million cap on tax credits available annually has not been met. The department of revenue said it is authorized to reopen applications when the aggregate dollar amount donated does not meet the preapproval cap.

3. The department of revenue will accept applications beginning at 8 a.m. Nov. 15, but it noted taxpayers who did not donate up to their prior preapproved amount at this time must apply again.

4. Hospitals may use the donations for things such as paying off debt or making payments on a construction loan to build a new cancer or maternity center. More information about the program and a list of eligible hospitals is available here.

 

More articles on healthcare finance:

Northwell Health seeks to raise $530M for capital improvements, initiatives
New Jersey hospital to pay $550K annually to city after challenge of tax-exempt status
Hospitals slow in cost-cutting efforts, survey finds

Copyright © 2022 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.

 

Featured Whitepapers

Featured Webinars