For income tax years 2017 through 2022, health care professionals who provide a preceptorship during the applicable tax year may be eligible for a $1,000 tax credit. Only 200 primary health care preceptors are entitled to claim this credit each tax year. In order to claim this credit, the preceptor must do all of the following:
- Receive certification that the preceptor satisfied all requirements to receive the credit from the institution for which the preceptor teaches, whether it is an institution of higher education or a hospital, clinic, or other medical facilities, or from the regional Area Health Education Center (AHEC) office with jurisdiction over the area in which the preceptorship took place. This certification must be completed on the form DR 0366.
- Before claiming any credit on your return, the preceptor must send an electronic copy of the completed certification (DR 0366) to the Department of Revenue by email to firstname.lastname@example.org. In accordance with Rule 39-22-538: “Up to 200 credits will be issued each tax year in chronological order based on the timestamp of the email the Department receives from the preceptor, which must include an electronic copy of the completed certification.”
If the preceptor receives notification from the Department that the credit has been issued to them, they must file a Colorado income tax return and claim the credit on the return. Be sure to include the DR 0366 with the return.
For more information, visit the Colorado General Assembly website. If filing by paper, visit the Income Tax Credit Forms web page to print/download the appropriate year-specific DR 0366 form. Please note: 2021 and 2022 forms are now available.