New Mexico budget proposal includes closing tax loophole for nonprofit hospitals: 4 things to know

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New Mexico's 2018 budget includes a proposal requiring nonprofit hospitals and healthcare providers to pay the state's gross receipts tax, reports The Santa Fe New Mexican.

Here are three things to know.

1. New Mexico Sen. Carlos Cisneros, D-Questa, on Wednesday introduced a bill that would close a loophole exempting nonprofit hospitals and healthcare providers from paying the gross receipts tax, according to the article.

2. Sen. Cisneros said Senate Bill 433 was drafted in conjunction with hospital executives at Holy Cross Hospital in Taos, N.M., and is supported by other healthcare providers in the state.

3. If passed, the measure would raise an estimated $60 million in revenue a year for the state. The funds would reportedly be set aside for New Mexico's Medicaid program.

For more on this story, read Bruce Krasnow's full report here.

 

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