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. The bill outlines that if the credit exceeds the claimant's tax liability, the difference will be refunded. To claim the credit, parents must submit a copy of the fetal death report with their tax return. The bill also specifies that the credit is not available to part-year residents or nonresidents, and it includes various limitations regarding joint and separate filings 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 adds the stillbirth tax credit under section 71.07 (8n) to the existing list of credits in section 71.10 (4) (i). The act is set to apply to taxable years beginning on January 1 of the year it takes effect, with a provision for applicability if enacted after July 31.

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