A new report from the Lown Institute — a healthcare think tank — suggests that New York City hospitals have not been holding up their end of the bargain when it comes to local tax breaks and community investment.
The study looked at 21 hospitals and found that “nine have a Fair Share deficit—meaning that the value of their community investments fails to equal the value of their federal, state, and local tax breaks.” The study found that—in total—the nine hospitals are $727 million short of equaling the $1.2 billion in tax breaks they received in 2019, Health Leaders reports.
“Communities make good faith investments through these tax breaks and expect that hospitals will hold up their end of the bargain,” Vikas Saini, MD, president of the Lown Institute, said. “Our evidence shows that’s not always the case.” Read more.
