Petersburg Medical Center loses nearly $1 million in federal tax credits due to 'big beautiful bill'

Petersburg Medical Center will lose nearly $1 million in expected federal tax credits after the federal reconciliation bill retroactively eliminated a one-third portion of the delayed COVID-era employee assistance funding the hospital was eligible to receive.

The hospital had applied for around $3 million through the Employee Retention Tax Credit program but will now receive only two-thirds of that amount due to passage of “the one big, beautiful bill,” Chief Financial Officer Jason McCormick told the hospital board Thursday.

The legislation resulted in a $972,000 reduction to PMC’s expected r...