New law would cap tax refund for hospitals

A new law proposed by North Carolina legislators takes aim at the tax refunds the state awards to non-profits. Under existing rules, hospitals in North Carolina collected $165 million in tax refunds from the state. The new bill would limit refunds to $1 million per hospital, plus 25 percent of any amount over that. In an effort to encourage for-profit corporations, the bill also seeks to cut the corporate tax rate by half a point.

- see this story from News 14 Carolina

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