From official state and federal legislative records. Informational only, not legal advice.
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In plain words
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Tax credit for preceptors in medical education. Provides a credit against the state tax liability of a qualified clinician (preceptor) in medical education who provides to a student in a particular taxable year, in return for no compensation as a preceptor, at least 140 hours of personalized instruction or training related to the student's clinical rotations required to obtain a professional degree. Provides that the amount of the credit allowable is equal to the lesser of: (1) $1,000 for each clinical rotation for which the qualified taxpayer provided the required instruction or training during the taxable year; or (2) $12,000 per taxable year.