The bill proposes the establishment of the "Preceptor Tax Incentive Program" under Arkansas Code Title 26, Chapter 51, which aims to provide tax incentives for medical and counseling professionals who train students in accredited programs. The new subchapter includes definitions for various terms such as "counseling student," "medical student," and "faculty preceptor," among others. It outlines the criteria for both uncompensated and compensated faculty preceptors, detailing the tax credits available to them based on their involvement in preceptorship training.

Uncompensated faculty preceptors can receive a tax credit of $1,000 for each student they train, with a maximum limit of $10,000 per year. Compensated faculty preceptors, who receive payment as independent contractors, can claim a tax credit equal to their compensation for conducting preceptorship training, capped at $6,000. The bill specifies that these provisions will take effect for tax years beginning on or after January 1, 2025.