This bill proposes the establishment of a gross income tax credit for preceptors who supervise students in advanced practice nursing, certified nurse midwifery, or certified registered nurse anesthetist programs. Preceptors will be eligible for a tax credit of $1,000 for each student they primarily supervise for at least 100 clinical hours during the taxable year. The total amount allocated for these tax credits is capped at $10 million annually, and the credits are non-refundable, meaning they cannot reduce tax liability below zero and cannot be carried forward to future tax years.

Additionally, the bill appropriates up to $10 million from the General Fund to the Department of the Treasury to implement this tax credit program. It outlines the certification process for preceptors, requiring a faculty of record from an accredited nursing school to verify the number of students supervised. The New Jersey State Treasurer is tasked with adopting necessary rules and regulations to facilitate the program's implementation. The act is set to take effect immediately and will apply to taxable years beginning after its enactment.