The proposed bill introduces the Preceptorship Tax Credit Act, which aims to provide a nonrefundable income tax credit for licensed physicians who serve as preceptors in preceptorship programs. Under this act, physicians who complete rotations of at least eighty hours without compensation will be eligible for a credit of $1,000 per 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 credits available under this act are capped at $1 million per fiscal year, 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. Specifically, it adds a new subsection that allows for a credit as provided in the Preceptorship Tax Credit Act, while also repealing the original section. This integration into existing tax law aims to harmonize the provisions related to tax credits in Nebraska.

Statutes affected:
Introduced: 77-2715.07