Dedicates certain funding to hospital capital improvement needs.

S 1496 creates a dedicated "Public Hospital Capital Fund" to use specific assessment revenues from health service corporation reorganizations (like Horizon Blue Cross Blue Shield's reorganization) for capital projects at New Jersey's public hospitals. The fund will hold money collected under P.L.2020, c.145, and must be used solely for public hospital capital improvements based on legislative recommendations. The bill limits annual spending to no more than 25% of the initial assessment amount. This bill directly affects public hospitals in New Jersey by redirecting designated funding toward facility upgrades and infrastructure.