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FISCAL NOTE
Senate Bill 223
Committee: Finance and Taxation EducationSponsor: Senator April Weaver
Analyst: Tiffany Weaver Date: 04/09/2024
Senate Bill 223as introduced could decrease income tax receipts to the Education Trust Fund
and financial institutions excise tax receipts to the State General Fund, counties, and
municipalities by a cumulative maximum of $38 million for fiscal year 2026, $60 million for
fiscal year 2027, and $80 million for fiscal year 2028 and each year thereafter by allowing
taxpayers to claim a non-refundable, non-transferrable tax credit, beginning in tax year 2025, up
to the annual amounts listed below, for donations to certain rural hospitals (under the Rural
Hospital Investment Program established by this bill) to be used for certain allowable
expenditures. This bill would allow the credit to be carried forward up to 3-years and would
limit the amount of credit contributed to a single hospital to $2 million annually.
Taxpayer Maximum Annual Tax Credit Amount
Single, Head of Household, Married Filing
Separately
$15,000
Married Filing Jointly $30,000
Pass-Through Entity, Limited Liability
Corporation, Professional Corporation
$450,000
Subchapter C corporation Lessor of $500,000 or corporation’s tax liability
Further, this bill would create the seven-member Rural Hospital Investment Program Board in
the State Treasurer's Office to administer the Rural Hospital Investment Program, determine the
eligibility of hospitals to qualify for donations under this bill, and report on the donations and
credits claimed under the program. This bill would increase the obligations of the State
Treasurer's Office by an estimated $1,200 annually for per diem and travel expenses. FN-PY1ARGR-1
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Treasurer's Office by an estimated $1,200 annually for per diem and travel expenses.
In addition, this bill would increase the administrative obligations of the Department of Revenue
to: (1) annually publish a list of rural hospitals eligible for the program; (2) pre-approve
donations pursuant to this program; and (3) to enact rules to implement and administer the
provisions of this bill.