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 exceeds the taxpayer's liability, the difference 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.

Additionally, the bill includes specific limitations and conditions for claiming the credit, such as restrictions on part-year residents and nonresidents, and stipulations regarding joint and separate filings for married couples. The bill also amends existing tax law to include the stillbirth tax credit among other credits listed under the relevant statutes. 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