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Georgia Rural Tax Credit

2019 GA Rural Hospital Tax Credit Update

Individual taxpayers may now make UNLIMITED contributions to Rural Hospitals for a 100% Georgia income tax credit!

Georgia HEART is now accepting post-June 30, 2019 tax credit pre-applications on its website at georgiaheart.org.

Apply today and have the state taxes, you already pay, benefit Liberty Regional!

We are putting your Georgia Tax Credits to great use for the hospital and efforts toward the construction of a cancer center right here in your community!  There are more advantages to the tax credit program too as now 100% of your Georgia tax liability may be contributed with NO additional out of pocket costs to you!  Individual, corporation and pass-through entities are all eligible!  

Great News for Your Tax Benefits!...

1.  The IRS has now eliminated any potential federal income tax cost for taxpayers who contribute to a qualified Rural Hospital Organization (RHO), such as Liberty Regional, in exchange for a state income tax credit.  And, of course, their 100% state income tax credit remains intact.

2.  **The IRS has now also issued a notice providing a “safe harbor” that (subject to the $10,000 SALT cap) allows individual taxpayers who itemize deductions to treat contributions made in exchange for tax credits as payments of state or local taxes for federal income tax purposeshttps://home.treasury.gov/news/press-releases/sm705. This safe harbor means that no taxpayers will incur any cost in connection with contributing to a RHO, such as Liberty Regional. The contributions made to a RHO will be offset by a 100% Georgia income tax credit and, for those who fall short of the full $10,000 in SALT deductions, contributions up to the $10,000 cumulative SALT limit may be treated as state income tax payments which will be deductible for federal income tax purposes

3.  **The IRS confirmed the potential federal deductibility of contributions to a qualified Rural Hospital Organization (RHO), such as Liberty Regional, by pass-through entities as ordinary and necessary business expenses. Payments made by a pass-through business entity with the reasonable expectation of anticipated benefit to the business will qualify for a federal business expense deduction. As a result, RHO contributors who own interests in pass-through business entities and their CPAs or financial advisors should consider whether, under this IRS guidance and legal precedent, business entities are able to make payments to RHOs, such as Liberty Regional, which constitute ordinary and necessary business expenses that are fully deductible for federal income tax purposes.

4.  **Therefore, a pass-through business entity may be able to take a federal business expense deduction related to payments made in support of a Rural Hospital Organization (RHO), such as Liberty Regional, located in the community in which it does business, as such an investment can have the effect of improving access to healthcare for its workers and attracting other new businesses to the community.

*Sign up today at www.georgiaheart.org!

Frequently Asked Questions about the Georgia Rural Tax Credit

 

Note: Ask your tax professional for guidance regarding your specific tax obligations.



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