NC hospitals' tax break could get eliminated
A bill introduced Thursday in the N.C. Senate would drastically reduce the tax breaks large nonprofit organizations receive on sales and use taxes. Senate Bill 677, dubbed the N.C. Fair Tax Act, is co-sponsored by Sen. Bob Rucho (R-Matthews). The bill includes an annual cap on the refund for sales and use taxes for nonprofits starting July 1, 2014. It would limit refunds to $5 million that year before dropping to $100,000 two years later. If passed, the legislation would mean large nonprofits, including Carolinas HealthCare System and Novant Health, will have to pay millions more each year in taxes.
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