Modifies property and sales tax exemptions for nonprofit hospitals in North Carolina.

This bill modifies the property and sales tax exemptions for nonprofit hospitals in North Carolina. It exempts real and personal property used for charitable hospital purposes from taxation, provided the hospital is a nonstock, nonprofit, charitable institution. The exemption is equal to the total actual cost of qualified charity care provided by the hospital. The bill also allows a semiannual refund of sales and use taxes paid on over-the-counter drugs purchased for hospital use.

Modifies property and sales tax exemptions for nonprofit hospitals in North Carolina.

This bill modifies the property and sales tax exemptions for nonprofit hospitals in North Carolina. It exempts real and personal property used for charitable hospital purposes from taxation, provided the hospital is a nonstock, nonprofit, charitable institution. The exemption is equal to the total actual cost of qualified charity care provided by the hospital. The bill also allows a semiannual refund of sales and use taxes paid on over-the-counter drugs purchased for hospital use.