To amend the Internal Revenue Code of 1986 to provide that hospitals which provide insufficient service to low-income individuals shall be subject to the $150,000,000 limitation on outstanding bonds which applies generally to section 501(c)(3) organizations.

Summary

Amends the Internal Revenue Code to apply, both retroactively and prospectively, the $150,000,000 limitation generally applied in connection with qualified 501(c)(3) bonds to any hospital whose average disproportionate share adjustment is less than ten percent over any three-year cost reporting period. Permits as alternatives to this limitation: (1) election by the State where the hospital is located to reduce its bond ceiling; or (2) election by the bond issuer to pay a penalty equal to tax revenue lost because of the exemption.

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1 official file

• Introduced in House

  summary · EN · 3 May 1989

  Open at official source

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