Bill > S1376

This bill establishes tax credits for hospitals that provide charitable care, meaning free or discounted services to patients who cannot afford them, as outlined in the hospital's financial assistance policy. These credits, calculated based on the cost of the provided services, are available for tax years beginning on or after December 31, 2012, to hospitals licensed under state law, excluding those exempt from federal income taxes. The credits can be carried forward for up to five years if they exceed the hospital's tax liability, and hospitals can elect to have these credits refunded to them. Furthermore, these tax credits can be transferred, sold, or assigned to other taxpayers with tax liabilities, though these transferred credits are not refundable and can also be carried forward by the new owner for up to five years, provided a certificate of eligibility is obtained from the commissioner of revenue, who will also issue regulations to implement these provisions. This applies to both individual taxpayers subject to chapter 62 taxes and corporations subject to chapter 63 taxes, with specific rules for partnerships, Subchapter S corporations, and combined corporate tax filings, including a minimum excise tax of $456 for corporations.