SB2707 103RD GENERAL ASSEMBLY

LRB103 35800 HLH 65884 b

103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
SB2707

Introduced 1/10/2024, by Sen. Dan McConchie

SYNOPSIS AS INTRODUCED:

35 ILCS 5/241 new

Amends the Illinois Income Tax Act. Creates an income tax credit for an individual taxpayer who is a medical professional in a community-based practice who serves without compensation as a preceptor for at least one student from a qualifying institution in Illinois and provides clinical instruction for students from a non-Illinois based program for compensation in the same tax year. Provides that the credit shall be $200 per qualifying student per week, but not to exceed $9,600 per taxpayer in any tax year. Effective immediately.

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Income Tax Act is amended by adding Section 241 as follows:

(35 ILCS 5/241 new)

Sec. 241. Clinical preceptor credit.

(a) For taxable years beginning on or after January 1, 2024, each individual taxpayer who is a medical professional in a community-based practice who serves without compensation as a preceptor for at least one student from a qualifying institution in Illinois and provides clinical instruction for students from a non-Illinois based program for compensation in the same tax year is eligible for a credit against the tax imposed by subsections (a) and (b) of Section 201 as provided in this Section. Only one taxpayer may claim a credit under this Section for serving as a preceptor for any particular student in any tax year. The amount of the credit shall be $200 per qualifying student per week, but not to exceed $9,600 per taxpayer in any tax year.

(b) In no event shall a credit under this Section reduce the taxpayer's liability to less than zero. If the amount of the credit exceeds the tax liability for the year, the excess may be carried forward and applied to the tax liability of the 5 taxable years following the excess credit year. The tax credit shall be applied to the earliest year for which there is a tax liability. If there are credits for more than one year that are available to offset a liability, the earlier credit shall be applied first.

(c) As used in this Section:

"Community-based practice" means a family medicine, internal medicine, pediatrics, obstetrics and gynecology, psychiatry, general surgery, or podiatric medicine practice.

"Medical professional" means a physician, physician assistant, advanced practice registered nurse, or podiatrist.

"Preceptor" means a licensed medical professional who: (i) provides uncompensated supervision and instruction during student-required clinical training rotations to enable the student to obtain an eligible professional degree; and (ii) provides a minimum of 8 required clinical rotation weeks within a calendar year.

"Qualifying institution" means a public or private university or college accredited through the Higher Learning Commission with a physical campus in the State.

"Qualifying student" means a student from an Illinois qualifying institution for whom the taxpayer serves as a preceptor without compensation.

Section 99. Effective date. This Act takes effect upon becoming law.