S4034

An Act concerning tax credits, supplementing Title 54A of the Revised Statutes, and appropriating $10 million.

Be It Enacted by the Senate and General Assembly of the State of New Jersey:

1. As used in this act:

"Advanced practice nurse" means a person certified in accordance with the provisions of section 8 or 9 of P.L.1991, c.377 (C.45:11-47 or 45:11-48).

"Certified nurse midwife" means a midwife licensed by the State Board of Medical Examiners as a certified nurse midwife pursuant to the provisions of P.L.1991, c.97 (C.45:10-17 et al.).

“Director” means the Director of the Division of Taxation in the Department of the Treasury.

"Physician" means a person licensed to practice medicine in New Jersey pursuant to R.S.45:9-1 et seq. or licensed to practice in any one of the United States or its territories, or the District of Columbia.

"Physician assistant" means a health professional who meets the qualifications under P.L.1991, c.378 (C.45:9-27.10 et seq.) and holds a current, valid license issued pursuant to section 4 of P.L.1991, c.378 (C.45:9-27.13).

"Preceptor" means an individual who is an advanced practice nurse, certified nurse midwife, certified registered nurse anesthetist, physician, physician assistant, or psychologist, who meets the qualifications for precepting under the rules and regulations of the New Jersey Board of Nursing, and who participates in the instructional training of advanced practice nurse, certified nurse midwife, or certified registered nurse anesthetist students.

"Preceptorship program" means an organized system of clinical experience that, for the purpose of attaining specified learning objectives, pairs a student enrolled in a nursing education program that is recognized by the New Jersey Board of Nursing with a preceptor.

"Psychologist" means a person who is licensed as a psychologist by the New Jersey Board of Psychological Examiners.

2. A preceptor shall be allowed a credit against the tax otherwise due for the taxable year under the "New Jersey Gross Income Tax Act," N.J.S.54A:1-1 et seq., in an amount equal to $1,000 for each advanced practice nurse, certified nurse midwife, or certified registered nurse anesthetist student supervised by the preceptor, during the taxable year, as part of a preceptorship program. The preceptor shall be the primary supervisor of the student for at least 100 clinical hours during the taxable year in order to be eligible for the tax credit allowed pursuant to this act.

3. a. A faculty of record from an accredited school of nursing in New Jersey, or the faculty of record’s designee, shall certify the number of students supervised by the preceptor during the taxable year who may be included in the calculation of the tax credit allowed pursuant to section 2 of this act.

b. The certification form shall include the name of the preceptor, information identifying the school of record and the faculty of record, or the faculty of record’s designee, and the number of hours and names of the students whom the preceptor supervised.

4. The certification form required pursuant to section 3 of this act shall be submitted by the preceptor to the Division of Taxation in the Department of the Treasury for approval by the January 31 next following the completion of the applicable taxable year. The director shall approve all forms that qualify for a tax credit pursuant to section 2 of this act on a first-come, first-served basis, and notify the preceptor within 45 days of receipt of the preceptor’s application of its approval or denial. The value of the tax credits approved under this act shall not exceed a cumulative total of $10,000,000 annually.

5. The director shall prescribe the order of priority of the application of the tax credit allowed under section 2 of this act and any other tax credits allowed by law against the tax otherwise due for the taxable year under N.J.S.54A:1-1 et seq. The amount of the tax credit applied under section 2 of this act against the tax imposed under N.J.S.54A:1-1 et seq. for the taxable year, together with any other tax credits allowed by law, shall not reduce the tax liability to an amount less than zero, and any unused amount of the tax credit may not be carried forward to any other taxable year.

6. The New Jersey State Treasurer shall, in accordance with the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), adopt rules and regulations as necessary to implement the provisions of this act.

7. There is appropriated from the General Fund to the Department of the Treasury such funds as shall be necessary, but by no means more than $10,000,000, to implement the provisions of this act.

8. This act shall take effect immediately and shall apply to taxable years beginning on or after the date of enactment.

STATEMENT

This bill establishes a gross income tax credit for preceptors of advanced practice nursing, certified nurse midwife, or certified registered nurse anesthetist students. The tax credit would be equal to $1,000 per student primarily supervised by the preceptor; to be eligible for the credit, the preceptor would be required to supervise the student for at least 100 clinical hours during the taxable year. The tax credit program is limited to $10 million annually, and the tax credits awarded under the program are non-refundable and may not be carried forward. The bill additionally appropriates such sums as may be necessary, up to a limit of $10 million, for nurse preceptor tax credits.

The bill defines a “preceptor” as an advanced practice nurse, certified nurse midwife, certified registered nurse anesthetist, physician, physician assistant, or psychologist, who meets the qualifications for precepting under the rules and regulations of the New Jersey Board of Nursing, and who participates in the instructional training of advanced practice nurse, certified nurse midwife, or certified registered nurse anesthetist students.