$7.4M in expenses

On august 16, 2017, grady memorial hospital corporation (GMHC) entered into a transaction with a bank and certain lenders to obtain financing through the new markets tax credit (NMTC) program sponsored by the u.s. Department of treasury. The NMTC program permits certain taxpayers to receive a credit against federal income taxes for making qualified equity investments (qeis) in community development entities (cdes). Through the transaction, grady WIC, INC., a wholly-owned subsidiary of GMHC, was formed for the purpose of effecting GMHC's participation in the NMTC program. The u.s. Tax credit provided to the investor totals 39 percent of the initial value of the qei and is claimed over a seven-year credit allowance period.