Individual income tax: credit; credit for certain advanced practice registered nurses who serve as a preceptor; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding sec. 281.
The introduction of this tax credit is expected to stimulate the involvement of advanced practice registered nurses in training new students in clinical rotations. By incentivizing nurses to take on the role of preceptors, the bill seeks to alleviate the shortage of qualified preceptors in nursing education, which is critical for preparing the next generation of healthcare providers. Furthermore, the credit is valid for the tax years from January 1, 2023, to December 31, 2027, reflecting a commitment to short-term but impactful changes in healthcare education.
House Bill 4731, titled 'Income tax: credit for certain advanced practice registered nurses who serve as a preceptor,' aims to amend the Income Tax Act of 1967 in Michigan by introducing a tax credit incentive for registered nurses who act as preceptors for advanced practice nursing programs. Specifically, the bill provides a credit of $1,000 for every 250 hours worked as a preceptor in an approved healthcare facility, with a cap of $5,000 per tax year. This initiative is intended to encourage experienced nurses to mentor future nursing professionals and enhance the educational ecosystem for nursing in the state.
Despite the potential benefits, there may be contention surrounding the implementation of this tax credit. Critics might argue that while the intention is noble, it could inadvertently lead to restrictions on the availability of preceptor positions or favor certain healthcare facilities over others. Additionally, there may be concerns about the state's budgetary impact due to the reduction of tax revenues through these credits. Discussions are likely to arise around how effectively this measure can address the issue of preceptor availability without introducing significant complexity or unintended consequences in the healthcare and educational sectors.