First State Bank invests in future of Memorial Hospital and Manor
Published 2:52 pm Friday, August 23, 2019
First State Bank has donated $25,000 in financial support to Memorial Hospital and Manor through the Georgia Heart Rural Tax Credit Program. Representatives from First State Bank presented a check to Jim Lambert, CEO of Memorial Hospital and Manor.
“We are very thankful for the support of First State Bank, and the way the community has gotten behind this program. We are excited about the future of Memorial Hospital and Manor,” said Lambert.
Joey Miller, President of First State Bank stated, “Being a banker, I understand financial challenges. With the challenges that rural hospitals face, First State Bank is proud to support Memorial Hospital and Manor through the Georgia Heart Program. We feel that our hospital is very vital to our community and look forward to supporting it for years to come.”
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The Georgia Rural Hospital Tax Credit (as stated in Bill 258) enables Georgia businesses and taxpayers to redirect their GA income tax liability to help support qualified hospitals. While individuals filing ‘single’ or ‘married filing jointly’ receive a dollar for dollar tax credit, they are not able to use their credit as a federal deduction.
However, “C” Corporations, Sub-S Corporations, LLCs, and pass thru entities may be able to count their contributions as a business expense and deduct it from their federal taxes. Georgia Heart suggests seeking advice from a tax professional about this deduction.
For more information on how you can receive a tax credit while making a contribution to Memorial Hospital and Manor, please contact Lauren Harrell, Community Development Coordinator with Memorial Hospital and Manor at 229.220.5475 or lauren H@mh-m.org.