Bill Text: NJ S3980 | 2024-2025 | Regular Session | Introduced
Bill Title: Dedicates certain funding to hospital capital improvement needs.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced) 2024-12-16 - Introduced in the Senate, Referred to Senate Health, Human Services and Senior Citizens Committee [S3980 Detail]
Download: New_Jersey-2024-S3980-Introduced.html
Sponsored by:
Senator JOSEPH P. CRYAN
District 20 (Union)
SYNOPSIS
Dedicates certain funding to hospital capital improvement needs.
CURRENT VERSION OF TEXT
As introduced.
An Act dedicating funds from the Health Service Corporation Reorganization Assessment and supplementing P.L.2020, c.145.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. a. There is established a dedicated nonlapsing fund known as the Public Hospital Capital Fund. This fund shall act as the repository for all moneys collected from the initial assessment and ongoing assessments specified in section 13 of P.L.2020, c.145 (C.17:48E-46.13).
b. The purpose of the fund shall be to provide funding for capital projects at public hospitals in this State.
c. The revenue in the Public Hospital Capital Fund shall be used in accordance with subsection b. of this act and the recommendations of the Legislature. No more than 25 percent of the initial assessment shall be expended in any one fiscal year.
2. This act shall take effect immediately, and shall expire following the exhaustion of the funds in the Public Hospital Capital Fund established pursuant to this act.
STATEMENT
This bill requires that the assessments generated from the reorganization of a health service corporation to a mutual holding company as specified by P.L.2020, c.145 be deposited in a dedicated nonlapsing fund known as the Public Hospital Capital Fund. Specifically, the bill requires the funds paid by Horizon Blue Cross Blue Shield of New Jersey to the State as a result of its reorganization to be used to fund capital project at public hospitals.
Current law does not specify how the revenue generated by the assessments will be used. This bill would require that assessments are used to fund capital projects at public hospitals in New Jersey based on the recommendations of the Legislature. No more than 25 percent of the initial assessment can be expended in any one fiscal year.
