New Jersey Senate Bill S4267

New Jersey 2024-2025 Regular Session

• Introduced: 3/17/25
• Refer: 3/17/25

Caption

Appropriates $10 million to Department of Treasury for nurse preceptor tax credits.

Impact

Financially, the bill allocates up to $10 million annually for this tax credit program, which may significantly alleviate the teaching burden on practicing healthcare professionals while fostering a robust pipeline of qualified nurses. By encouraging experienced professionals to take an active role in mentoring, the state aims to improve the quality of training for nursing students, which is particularly critical given ongoing healthcare staffing shortages. This investment in education could lead to long-term benefits for the New Jersey healthcare system as a whole.

Summary

Senate Bill 4267 is a proposed act in New Jersey that aims to promote and support the training of future healthcare professionals, specifically advanced practice nurses and certified nurse midwives. The bill introduces a tax credit valued at $1,000 per student for those qualified preceptors supervising these students in a clinical setting. To qualify for this credit, the preceptor must supervise a student for a minimum of 100 clinical hours during the taxable year. This initiative is designed to encourage professionals to take on preceptorship roles, thereby enhancing the educational experiences of nursing students.

Contention

However, there may be concerns regarding the implications of such a tax credit program. Some critics argue that the non-refundable nature of these credits could limit their accessibility to preceptors who may not have significant taxable income. Additionally, the first-come, first-served approval process for the credits might cause inequities, with some qualified preceptors missing out on benefits simply due to timing rather than lack of merit. This raises questions about the overall design and implementation of the program and whether properly addressing these concerns could lead to a more effective use of state resources toward nursing education.