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

To implement this program, the bill appropriates up to $10 million from the General Fund to the Department of the Treasury. It also outlines the certification process for preceptors, requiring verification from a faculty member of an accredited nursing school in New Jersey. The New Jersey Division of Taxation will manage the approval of tax credit applications on a first-come, first-served basis, ensuring that the program is effectively administered within the allocated budget.