For CPAs & Financial Advisors

Good News: IRS Releases Notice Affecting Contributions to HEART

Additional guidance released by the IRS eliminates any potential federal income tax cost for taxpayers who contribute to a qualified rural hospital organization (RHO) in exchange for a state income tax credit. And, of course, their 100% state income tax credit remains intact.

The IRS confirmed the potential federal deductibility of contributions to a qualified RHO by pass-through entities as ordinary and necessary business expenses.

For more details, refer to the following email from Georgia HEART: 
Good News: IRS Releases Notice Affecting Contributions to Georgia HEART

Other important email updates from Georgia HEART relating to this topic include:

IRS Proposed Regulations Confirm Business Deduction for HEART Hospital Contributions

Current Tax Status of the HEART Rural Hospital Organization Credit Program

DOR Rule Facilitates Georgia HEART Credit for Pass-Through Business Expense Payments

Pass-Through Entity Business Payments to Rural Hospitals

Proposed Georgia DOR Rule Benefits Pass-Through Business Owners

Please refer to our one-pager and FAQ sheet for more information:

Georgia HEART Grand Slam One-Pager

HEART Tax Credit FAQ Sheet for Business Entities