CHAPTER 249

H.P. 520 - L.D. 725

An Act To Require the Disclosure of Certain Financial

Information from Hospitals and Their Affiliates

Be it enacted by the People of the State of Maine as follows:

Sec. 1. 22 MRSA §1819-A is enacted to read:

§1819-A.__Financial disclosure

Each hospital licensed under this chapter must annually publicly disclose:

1.__IRS Form 990.__The federal Internal Revenue Service Form 990, including all related disclosable schedules, for the hospital and for each tax-exempt entity related to the hospital that is required by federal law to file that form with the Internal Revenue Service; and

2.__IRS Form 1120.__The federal Internal Revenue Service Form 1120 for each for-profit entity in which the hospital has a controlling interest.

Information required to be disclosed under this section must be submitted by the hospital to the department within 5 months after the end of the hospital's fiscal year or within 5 months after the date on which the entity files the applicable form with the Internal Revenue Service.__ The department shall make available for public inspection and photocopying copies of all documents required by this section and shall post those documents on the department's publicly accessible website.