Assembly Bill 373 proposes the creation of a refundable individual income tax credit of $2,000 for parents who experience a stillbirth in Wisconsin. The bill defines stillbirth as a birth resulting in a stillbirth for which a fetal death report is required. The credit is designed to be refundable, meaning that if the credit amount exceeds the taxpayer's liability, the difference will be refunded. The bill also outlines specific conditions and limitations for claiming the credit, including eligibility criteria for residents and the requirement to submit a fetal death report with the tax return.

Additionally, the bill amends existing tax law to include the stillbirth tax credit in the list of credits that can be claimed against income tax. The amendment to section 71.10 (4) (i) incorporates the new stillbirth tax credit under section 71.07 (8n). The bill is set to apply to taxable years beginning on January 1 of the year it takes effect, with provisions for applicability if enacted after July 31.

Statutes affected:
Bill Text: 71.10(4)(i), 71.10