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. Specifically, preceptors will receive 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 verification from a faculty member of an accredited nursing school in New Jersey, and establishes a first-come, first-served approval process for tax credit applications. The bill aims to incentivize the training of future nursing professionals by supporting those who take on the role of preceptors.