Md. Code Regs. 10.01.01.06

Current through Register Vol. 51, No. 20, October 4, 2024

Section 10.01.01.06 - Income Tax Credits

A. On approval of an application, the Department shall issue an income tax credit certificate to the approved licensed physician in the amount of $1,000 for each medical student rotation for which the physician served as a preceptor:

(1) For a minimum of three rotations, each consisting of 100 hours of community-based clinical training;

(2) Without compensation; and

(3) In a health care workforce shortage area.

B. On approval of an application, the Department shall issue an income tax credit certificate to the approved nurse practitioner or licensed physician in the amount of $1,000 for each nurse practitioner student rotation for which the nurse practitioner or licensed physician served as a preceptor:

(1) For a minimum of three rotations, each consisting of 100 hours of community-based clinical training;

(2) Without compensation; and

(3) In a health care workforce shortage area.

C. On approval of an application, the Department shall issue an income tax credit certificate to a physician assistant in the amount of $1,000 for each physician assistant student rotation for which the physician assistant served as a preceptor:

(1) For a minimum of three rotations, each consisting of at least 100 hours of community-based clinical training in family medicine, general internal medicine, or general pediatrics;

(2) Without compensation; and

(3) In a health care workforce shortage area.

D. Income tax credits shall be issued for the taxable year during which the nurse practitioner, licensed physician, or physician assistant served as a preceptor without compensation.

E. The total amount of an income tax credit allowed for an individual in a taxable year may not exceed the:

(1) Maximum credit amount of $10,000; or

(2) State income tax imposed for that individual for that taxable year.

F. Any unused amount of an income tax credit for a taxable year may not be carried over to any other taxable year.

Md. Code Regs. 10.01.01.06

Regulation .06 adopted effective 45:2 Md. R. 68, eff. 1/29/2018; amended effective 49:19 Md. R. 868, eff. 9/19/2022