Wednesday, April 27, 2016

Georgia tax credit could help rural hospitals

Georgia Republican Gov. Nathan Deal Tuesday signed a bill that could help the state's struggling rural hospitals by allowing individuals and businesses to apply for tax credits for contributing to rural health, Dave Williams reports for Atlanta Business Chronicle. Five of the state's rural hospitals have closed since 2013 and 24.3 percent of Georgia's rural hospitals are at-risk, according to an October report by iVantage Health Analytics.

Individual taxpayers can "apply for a state income tax credit for either 70 percent of the amount of the contribution or $2,500, whichever is less," Williams writes. "Married couples filing jointly can get a tax credit for the lesser of 70 percent of the contribution or $5,000. For businesses, the tax credit is either 70 percent of the amount they contribute or 75 percent of their state income tax liability, whichever is less. The total price tag of the tax credits to the state is capped at $50 million in 2017, $60 million in 2018 and $70 million in 2019. The tax credits expire at the end of 2019." (iVantage map)

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