Bill > HB395

This bill creates a new tax credit for health care preceptors (licensed medical professionals who provide supervised clinical training) employed by accredited New Mexico higher education institutions. Under the bill, preceptors who perform a preceptorship of at least four weeks in New Mexico can apply for a tax credit of up to $1,000 per taxable year. To qualify, the preceptor must not be a dependent and must apply to the state department with certification from their employing institution. The credit applies specifically to professionals such as doctors, nurses, dentists, pharmacists, psychologists, and social workers who provide uncompensated clinical training to eligible graduate students pursuing professional degrees in those fields. If the tax credit exceeds the taxpayer's tax liability in a given year, the remaining credit can be carried forward and applied to future years' taxes until fully used. The provisions of this bill will take effect for taxable years beginning on or after January 1, 2025, and the tax department is required to include this credit in its annual tax expenditure budget.

Education

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=395&year=25