710:50-15-121 Faculty preceptorship credit
(a) General provisions . For tax years beginning on or after January 1, 2026, a nonrefundable income tax credit is allowed, subject to the availability of funds, for a faculty preceptor who conducts a preceptorship rotation. The credit is allowed for no greater than 10 preceptorship rotations completed in a calendar year. [See: 68 O.S. § 2357.409] (b) Amount of credit. (1) Medical student or resident. The amount of credit is equal to $290.00 each for the first, second, or third preceptorship rotations and $590.00 each for up to 7 subsequent rotations. (2) Physician assistant student or advanced practice registered nursing student. The amount of credit is equal to $165.00 each for the first, second, or third preceptorship rotations and $340.00 each for up to 7 subsequent rotations. (c) Application and verification. An applicant must submit a completed application to the Health Care Workforce Training Commission (HWTC) on the form designated by HWTC, as well as any supporting documentation requested by HWTC. The HWTC will provide the applicant and the Oklahoma Tax Commission with written notice of the final disposition of the application within 90 calendar days of receipt. [See: OAC 540:60-1-1 through 540:60-3-4] (d) Claiming the credit. Taxpayers may claim the credit on the appropriate Oklahoma income tax return. To claim the credit, the taxpayer must provide a copy of the approval from HWTC as part of the income tax return filed for the applicable period. (e) Carryforward. If the credit allowed pursuant to the provisions of this Section exceeds the amount of income taxes due or if there are no state income taxes due, the amount of the credit allowed but not used in any taxable year may be carried forward as a credit against subsequent income tax liability for a period not exceeding 5 years. (f) Tax credits are subject to the availability of funds. The credits awarded by HWTC each year will not exceed the amount deposited to the appropriate revolving fund during the fiscal year immediately preceding the applicable income tax year.