Bill > HB1422

This bill enacts the Preceptor Tax Incentive Program, which provides tax incentives for certain medical or counseling professionals to train students who are learning to become medical or counseling professionals. The key provisions include: 1. Defining "faculty preceptor" as a physician, registered nurse, physician assistant, or licensed professional counselor who provides preceptorship training to medical, nursing, counseling, or physician assistant students. 2. Allowing an uncompensated faculty preceptor to claim a $1,000 tax credit per student they train, up to $10,000 per year. 3. Allowing a compensated faculty preceptor to claim a tax credit equal to the amount they received as compensation for conducting the preceptorship training, up to $6,000 per year. 4. Specifying that the tax incentives apply for tax years beginning on or after January 1, 2023. Overall, this bill aims to encourage medical and counseling professionals to provide hands-on training opportunities for students in these fields, which can help address workforce shortages in these critical areas.

Budget and Finance

https://www.arkleg.state.ar.us/Bills/Detail?id=hb1422&ddBienniumSession=2023%2F2023R