Assembly Bill 373 proposes the creation of a refundable individual income tax credit of $2,000 for parents who experience a stillbirth, defined as a birth resulting in a stillbirth for which a fetal death report is required in Wisconsin. The bill outlines that if the credit exceeds the claimant's tax liability, the excess amount will be refunded. To claim the credit, parents must submit a copy of the fetal death report with their tax return for the year in which the stillbirth occurred. The bill also specifies limitations on eligibility, such as disallowing claims from part-year residents or nonresidents, and sets maximum claim amounts for married couples and unmarried parents.

Additionally, the bill amends current law to include the stillbirth tax credit in the list of credits that can be claimed against income tax. Specifically, it inserts the stillbirth tax credit under section 71.07 (8n) into the existing framework of tax credits. The act 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