For the third year in a row, Georgia taxpayers can earn income tax credits by supporting rural hospitals, including Donalsonville Hospital, through the Georgia Heart (Helping Enhance Access to Rural Treatment) program.
James Moody, Donalsonville Hospital CFO explains the Georgia Heart program like this, “An income tax credit literally reduces your Georgia income tax, dollar-for-dollar. In essence, taxpayers may pay a portion of their Georgia income taxes – an expenditure that they are required to make anyway – through contributing to support and sustain Georgia’s rural hospitals! The taxpayer is able to choose where their money is directed. Choosing Donalsonville Hospital is a way to directly impact our community for the better by improving our rural hospital.”
In 2018, Donalsonville Hospital raised $590,675 through the Georgia HEART program and those funds were used for physician recruitment and start up costs, fire prevention infrastructure, a new patient to nurse call system and an upgrade to the hospital’s telephone technology.
The Georgia Heart program is an excellent way to keep tax dollars local. The ability to reinvest into their community and receive a tax credit is a compelling motivation for anyone wishing to help create sustainability for Donalsonville Hospital.
Currently the giving cap has been lifted and individuals and “C” Corporations can donate up to their maximum state tax liability as long as the $60 million annual statewide cap has not been met.
The Georgia Rural Hospital Tax Credit enables Georgia businesses and taxpayers to redirect their Georgia income tax liability to help support these qualified hospitals. Through this rural hospital tax credit program, a “C” Corporation or trust shall be allowed a 100% Georgia income tax credit for contributions to rural hospitals equal to the amount of the contribution, or 75 percent of the corporation’s or trust’s income tax liability, whichever is less.
IRS Regulations, finalized in June 2019, make it clear that taxpayers will experience no cost or financial advantage for contributing to state income tax programs, like Georgia HEART. Their contribution will simply be a “wash” for federal income tax purposes.
“We don’t want donors to miss this opportunity to receive a tax credit and enhance the healthcare in our community. If individuals or “C” Corporations are interested in participating, please submit an application at www.georgiaheart.org as soon as possible before the cap is met for 2019,” encouraged Moody.