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 these programs will be eligible for a credit of $1,000 for each rotation completed without compensation, 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 those serving 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 inclusion signifies the recognition of the importance of preceptorships in medical education and aims to incentivize physicians to participate in these programs, particularly in underserved rural areas. The original section is set to be repealed, indicating a consolidation of tax credit provisions under the new act.

Statutes affected:
Introduced: 77-2715.07