Sec. 1. 36 MRSA §2892, as amended by PL 2003, c. 673, Pt. HH, §3 and affected by §§6 and 7, is further amended to read:

§2892. Tax imposed

For the state fiscal year beginning on July 1, 2003, a tax is imposed against each hospital in the State. The tax is equal to .74% of net operating revenue for the tax year as identified on the hospital's most recent audited annual financial statement for that tax year. Delinquent tax payments are subject to Title 22, section 3175-C.

For state fiscal years beginning on or after July 1, 2004 and July 1, 2005, a tax is imposed annually against each hospital in the State. The tax is equal to 2.23% of net operating revenue used in the determination of the tax due for the state fiscal year beginning on July 1, 2003.

For state fiscal years beginning on or after July 1, 2006, a tax is imposed against each hospital in the State.__The tax is equal to .74% of net operating revenue for the tax year as identified on the hospital's most recent audited annual financial statement for that tax year.__Delinquent tax payments are subject to Title 22, section 3175-C.

SUMMARY

Public Law 2003, chapter 673, Part HH increased the tax imposed on hospitals from .74% to 2.23% of net operating revenues. This bill returns the tax rate to the original rate of .74%.