The proposed bill introduces the Preceptorship Tax Credit Act, which aims to provide a nonrefundable income tax credit to licensed physicians who serve as preceptors in preceptorship programs. Under this act, physicians participating in such programs will be eligible for a credit of $1,000 for each completed rotation, with a maximum credit of $5,000 per taxable year. The act defines key terms such as "preceptor," "preceptorship program," and "rural location," and establishes that the Department of Revenue will oversee the application process, which includes submitting an affidavit and other required documentation. The total amount of credits approved in any fiscal year is capped at $1 million, with priority given to physicians in rural areas.

Additionally, the bill amends section 77-2715.07 of the Revised Statutes Cumulative Supplement, 2024, to include the Preceptorship Tax Credit Act among the various tax credits available to individuals. This amendment replaces the previous language regarding the Caregiver Tax Credit Act with the new Preceptorship Tax Credit Act, thereby harmonizing the provisions of the tax code. The bill also allows the Department of Revenue to adopt rules and regulations necessary for the implementation of the new tax credit. The original section 77-2715.07 is set to be repealed as part of this legislative update.

Statutes affected:
Introduced: 77-2715.07