Bill gives $10M tax break to investor-owned hospitals

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Tucked inside a bill meant to cut the costs of Illinois' Medicaid program is a tax break to the state's for-profit hospitals that will cost at least $10 million a year, the Associated Press reported. The legislation, which was signed into law in June by Illinois Gov. Pat Quinn, was part of a package of $2.7 billion in budget cuts and tax increases to help keep the Medicaid program functioning. Overall, the tax break will benefit 28 for-profit hospitals in Illinois, according to the AP. The biggest beneficiary is Vanguard Health Systems, which will receive a break equivalent to $5.5 million a year. Officials with the Illinois Hospital Association said it will encourage charitable care. --Read the full article on FierceHealthFinance