Bill Text: IL SB2707 | 2023-2024 | 103rd General Assembly | Introduced

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Bill Title: 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.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2024-03-15 - Rule 3-9(a) / Re-referred to Assignments [SB2707 Detail]

Download: Illinois-2023-SB2707-Introduced.html

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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.
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A BILL FOR
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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

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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.