This bill amends the Hospital Equipment Loan Act by redefining "health-related equipment" to exclude real property, thereby focusing on personal property, instruments, services, and operational necessities needed for medical care, treatment, or research. Additionally, it clarifies the tax exemption for health-related equipment purchased or financed with bond proceeds, specifying that real property acquired before July 1, 2025, will lose its tax-exempt status if it is subsequently purchased, acquired, leased, financed, or refinanced after that date.

The bill also updates the definitions related to health facilities and participating health facilities, ensuring that they align with current healthcare standards and practices. The effective date for these changes is set for July 1, 2025, allowing stakeholders time to adjust to the new regulations regarding the financing and taxation of health-related equipment.

Statutes affected:
introduced version: 58-23-3