The Georgia HEART Hospital Program is helping rural and critical access hospitals take advantage of an exciting new opportunity to increase their funding and their ability to provide for the health care needs of thousands of Georgians!
For many years, due to demographic, economic, and health care industry challenges, Georgia’s rural hospitals have been facing a financial crisis. This crisis jeopardizes the access of rural Georgians to adequate health care.
In response, in 2016, the Georgia General Assembly passed, and Governor Nathan Deal signed into law, Senate Bill (“SB”) 258, legislation that, effective January 1, 2017, awards Georgia income tax credits to individual and corporate taxpayers who contribute to qualified rural hospital organizations (“RHOs”) located in Georgia. On May 8, 2017, Governor Deal signed SB 180, an amendment to the SB 258 Georgia Rural Hospital Organization Expense tax credit that, effective retroactively to January 1, 2017, enhances the original legislation.
In each of 2017, 2018, and 2019, the Georgia RHO expense tax credit program makes available to Georgia taxpayers $60 million of income tax credits, with each qualified RHO having access to $4 million of tax credits (until the total annual $60 million cap is met). The following limits apply with respect to contributions that taxpayers make to qualified RHOs:
• In the case of a single individual or a head of household, 90 percent of the actual amount expended or $5,000 per tax year, whichever is less; or
• In the case of a married couple filing a joint return, 90 percent of the actual amount expended or $10,000 per tax year, whichever is less?
To receive a tax credit for their contributions, taxpayers must file for pre-approval with the Georgia Department of Revenue and, within 60 days of being approved, make their contributions to their designated qualified rural hospital organizations. For 2017 contributions forms must be submitted before November.
For information about this exciting opportunity you can contact Memorial Hospital and Manor Ga. Tax Credit Project Coordinator, Heather Long at (229) 243-6115.
Memorial Hospital and Manor is earmarking these contributions to a select group of projects, such as the development of a Chapel within the Hospital. So as individual employees you can target specific projects or new equipment on a personal level so as to see you contributions come to life.
For the 2018 year we are looking to implement a payroll deduction program allowing you to provide contributions in a much easier process. These can be at levels that meet your comfort and be targeted at the specific projects you choose.