The proposed bill amends the Income Tax Act of 1967 by adding a new section that introduces a tax credit for taxpayers who serve as preceptors for qualified clinical rotations at approved health care sites in Michigan. Specifically, for tax years beginning on or after January 1 and ending on December 31, 2031, eligible taxpayers can claim a credit of $1,000 for every 250 hours served as a preceptor, with a maximum credit of $3,000 per tax year. To qualify for this credit, taxpayers must provide a certified statement confirming they did not receive any payment for their preceptor services, along with supporting documentation to verify their hours.

Additionally, the bill outlines definitions for key terms such as "health care professional," "health profession," "institution of higher education," "preceptor," and "qualified clinical rotation." It also stipulates that if the credit exceeds the taxpayer's tax liability for the year, the excess amount will be refunded. This initiative aims to incentivize health care professionals to participate in the education and training of future health care workers by providing financial relief through tax credits.

Statutes affected:
House Introduced Bill: 206.1, 206.847