The bill amends the existing law known as Paisley's Law, specifically the stillborn child income tax credit. It increases the tax credit amount from five hundred dollars ($500) to one thousand five hundred dollars ($1,500) for parents of stillborn children who were in gestation for twenty weeks or more and for whom a certificate of birth resulting in stillbirth has been issued. The credit can only be claimed for the taxable year in which the stillbirth occurs and is limited to the amount of income tax due by the taxpayer.

Additionally, the bill mandates that all manuals, forms, and documents created by state agencies for taxpayers or tax preparers must identify the credit as "Paisley's Law." The changes outlined in this act will take effect for tax years beginning on or after January 1, 2023.