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:
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.
Effective September 17, 2005.
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