Governor Kathy Hochul yesterday signed the New York State budget for fiscal year 2023–2024, which, among other strategic initiatives, requires certain health care entities to provide a 30-day pre-closing notice to the State Department of Health of certain “material transactions” that meet revenue thresholds within the state, notes Ropes & Gray.
The enacted legislation is notably different than the governor’s initial proposal as part of her executive budget, which gave DOH broad authority to both review and approve material transactions and delegated to DOH the ability to define what transactions eclipse the threshold of materiality.
While the enacted legislation imposes notice requirements, it does not grant DOH approval authority and excludes “de minimis” transactions from review. Read more.
