H.R. 9910 — Health Over Wealth Act

This section establishes new requirements relating to private ownership in health care. It defines covered firms, health care entities, private equity funds, and affiliates (including 20 percent ownership thresholds) and requires covered firms to report detailed ownership, debt levels, and equity contribution data to the Secretary of Health and Human Services for public release, periodic audits, and annual congressional reports on financial trends and effects on access, quality, and safety.

This section prohibits any registered investment company from stripping assets from a health care entity or otherwise undermining the quality, safety, or access to health care. It directs the Securities and Exchange Commission, in consultation with the Secretary of Health and Human Services, to issue rules defining such prohibited actions and prescribing means to prevent them.

This section establishes withdrawal liability under the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1381 et seq.) as the first priority claim in bankruptcy, ahead of all other claims. It shifts all existing priorities in section 507(a) of title 11, United States Code, down one level and makes conforming cross-reference updates throughout the Bankruptcy Code.

This section requires hospitals, beginning 60 days after enactment, to notify the Secretary at least 90 days before discontinuing essential services or fully closing. Hospitals must include specified details on affected services, patient volume and insurance types, employees and labor organizations, community groups, and alternative providers. They must also prohibit discontinuation of essential services during the notification period unless patient or employee health or safety is at risk, respond to Secretary inquiries, and, if the Secretary determines negative access impacts, submit a mitigation plan within 15 days that addresses service preservation, employee transitions, alternatives considered, and a local market study. For closures due to unforeseen catastrophic events, the notification deadline shortens to 30 days and the service prohibition does not apply.

This section allows real estate investment trusts to count rents received or accrued from qualified health care property toward the 95 percent gross income test, notwithstanding the rules in paragraphs (4), (6), and (8) of section 856(d). It applies to taxable years beginning after the date of enactment.