Health-care Preceptors Tax Credit

Under existing law, for tax years commencing on or after January 1, 2017, but prior to January 1, 2023, the credit for health-care preceptors working in health professional shortage areas offers an income tax credit in the amount of $1,000 to health-care professionals in rural and frontier areas who provide a preceptorship, an uncompensated mentoring experience for eligible health professional students that includes a specified minimum amount of personalized instruction, training, and supervision, during the applicable income tax year.

The act modifies the tax credit by:

• Extending the period for which the tax credit may be claimed to tax years commencing prior to January 1, 2033;
• Allowing up to 300, rather than 200, preceptors to claim the credit in any tax year;
• Expanding who may offer a preceptorship to include, in addition to a medical doctor, doctor of osteopathic medicine, advanced practice nurse, physician assistant, doctor of dental surgery, or doctor of dental medicine as provided by existing law, a registered nurse, registered dental hygienist, pharmacist, licensed clinical or counseling psychologist, licensed clinical social worker, licensed professional counselor, licensed marriage and family therapist, psychiatric nurse specialist, licensed addiction counselor, or certified addiction counselor working in an outpatient clinical setting who has been licensed in his or her primary health-care field in the state by the applicable licensing authority;
• Expanding who may participate in a preceptorship to include individuals matriculating at any accredited Colorado institution of higher education seeking a degree or certification in a primary health-care field;
• Allowing nonconsecutive days to be counted when determining the eligibility of a preceptorship for the credit;
• Modifying the definitions of "rural areas", "preceptorship", and "primary health-care" for purposes of the tax credit;
• Modifying the certification requirements for taxpayers who claim the tax credit; and
• Providing a tax preference performance statement for the tax credit.
  (Note: This summary applies to this bill as enacted.)