IL SB2707

Creates an income tax credit for medical professionals (physicians, physician assistants, advanced practice registered nurses, or podiatrists) in community-based practices who serve as unpaid preceptors for students from qualifying Illinois institutions.

Credit amount is $200 per qualifying student per week, capped at $9,600 per taxpayer per tax year, applicable to taxable years beginning January 1, 2024.

Medical professional must also provide paid clinical instruction to students from non-Illinois based programs in the same tax year to be eligible for the credit.

Preceptors must provide a minimum of 8 required clinical rotation weeks within a calendar year and only one taxpayer may claim the credit for any particular student in any tax year.

Excess credits exceeding tax liability may be carried forward for up to 5 subsequent taxable years and applied to future tax liabilities in order of earliest year first.