Bill > S1525

This bill establishes tax credits for hospitals that provide charitable care, meaning free or discounted services to patients based on their financial assistance policy. These credits, calculated at the cost of providing the services, are available for tax years beginning on or after December 31, 2016, for hospitals licensed under state law, but not for entities already exempt from federal income taxes. The credits can be carried forward for up to five years if they exceed the tax liability for a given year, and taxpayers can elect to have any remaining credit refunded to them. Furthermore, these tax credits can be transferred, sold, or assigned to other taxpayers who have tax liabilities, provided a certificate of eligibility is obtained from the commissioner of revenue, who will also issue necessary regulations to implement these provisions.