Maryland is launching a new program aimed at bringing physicians to underserved areas of the state. As of June 1, 2016, Maryland physicians can earn a credit reducing state income tax from $1,000 up to $10,000 by serving as a preceptor to medical students in areas with health care workforce shortages. According to the American Association of Family Practitioners, primary care physicians are one area where there are workforce shortages. See full article.
Physician preceptors must work with an approved preceptorship program in an area of the state with health care workforce shortages. Funding of the credit is limited – participation through the Maryland Department of Health and Mental Hygiene is on a first-come, first-served basis.
If you have questions regarding the Maryland tax credit or to discuss your particular situation, please call your Aronson Tax Advisor at 301-231-6200. Our medical practice specialists provide valuable guidance in all aspects of federal and state tax matters.