IL HB2941

Amends the Illinois Income Tax Act to create an income tax credit for community-based faculty preceptors for taxable years beginning January 1, 2024.

Defines eligible preceptors as physicians, advanced practice registered nurses, or physician assistants who conduct uncompensated preceptorship training of medical students, advanced practice registered nurse students, or physician assistant students in Illinois.

Provides tax credits per preceptorship rotation: physicians receive $500 for rotations 1-3 and $1,000 for rotations 4-10 per calendar year; advanced practice registered nurses receive $375 for rotations 1-3 and $750 for rotations 4-10 per calendar year.

Limits individual preceptors to accruing credit for no more than 10 preceptorship rotations in one calendar year and requires preceptors to be registered with Illinois Area Health Education Centers in Rockford.

Credits cannot exceed the taxpayer's annual income tax liability and cannot be carried forward to other tax years; requires annual reporting to the Governor and General Assembly on credit claims.