What is the Georgia HEART rural hospital tax credit?
If you pay Georgia income taxes, you are eligible to receive a 100% state income tax credit on donations to our hospital through the Georgia HEART Hospital Program. The purpose of this program is to help improve the health care in our state with a rural hospital tax credit.
This is a great way to keep your tax dollars local, while allowing us to provide the best healthcare for our community. Support Appling Healthcare and help improve healthcare in our community by redirecting your tax dollars through the Georgia HEART program!
The Georgia General Assembly passed legislation that enables Georgia taxpayers receive a state income tax CREDIT for 100% of the amount they contribute to a qualified rural hospital organization (RHO) (up to the limits set forth below). Appling Healthcare qualifies for this exciting program.
How much can I contribute for the rural hospital tax credit?
All Georgia citizens have the ability, through HEART, to decide how their tax dollars are spent. Georgia taxpayers receive a state income tax credit for 100% of the amount they contribute at these limits (effective January 1 through June 30).
- Individual Filer – up to $5,000
- Married Filing Separately – up to $5,000
- Married Filing Jointly – up to $10,000
- Individual Owner of S-Corp, LLC, or Partnership (Pass-Through Entity) NOT paying tax at entity level – up to $10,000
- C Corporation, Trust, or Pass-Through Entity electing to pay tax at entity level – up to 75% of annual Georgia tax liability
If you are a business owner, note that there is a new benefit for pass-through businesses, allowing a SALT (state & local income tax) limit workaround. Georgia HB 149 allows your pass-through business to elect to pay state income taxes at the entity level, resulting in significant federal tax savings.
This election also expands the positive impact your business can have through the HEART program, as your pass-through business can now contribute up to 75% of its annual Georgia income tax liability to an eligible rural hospital during the first six months of the year (whereas the limit was previously $10,000), resulting in a meaningful double-tax benefit of federal tax savings and a Georgia tax credit
In 2022, Georgia taxpayers consumed the $60 million in available rural hospital tax credits by July 1st. Georgia’s legislature increased the 2023 cap to $75 million; however, it is very likely that all credits will be consumed even earlier in 2023.
Credits are awarded on a first-come, first-served basis. Watch this brief how to video, or simply follow these easy steps to sign up:
- Apply Now: Submit your 2023 HEART Tax Credit Form beginning on October 3rd, 2022, at 9am. Georgia HEART will submit your application to the Georgia Department of Revenue in the order in which it is received.
- Make Payment: Pay via check or ACH to Georgia HEART by your payment deadline (within 180 days of approval notification).
- Take Credit: Georgia HEART will send you a tax receipt for claiming the credit on your 2023 Georgia income tax return
How your donations make a difference
Every single dollar we receive from the Georgia HEART program is invested into areas that most benefit our community. For example, our most recent purchase with Georgia HEART proceeds was the latest technology for 3D mammography. With this machine, Appling Healthcare’s Radiology Department in Baxley is able to offer more accurate results and better resolution for detecting masses and cysts. You really can make a lasting impact!
Find out more:
- Contact Georgia HEART by calling (770)250-5971 or email them at heart@georgiaheart.org
- Visit the Georgia HEART website. Here are their FAQs.
- And don’t miss this very informative webinar presented by Georgia HEART: “A Roadmap for CPAs, Financial Advisors, and Business Owners Interested in Supporting Their Local Rural Hospitals Through the Georgia HEART Tax Credit”