Assembly Bill 702 proposes the creation of a nonrefundable income tax credit for unreimbursed medical expenses related to in vitro fertilization (IVF) for individuals and their spouses. The credit is capped at $5,000 per tax year and is available to claimants whose adjusted gross income does not exceed $100,000 for single or married filing separately, or $200,000 for married couples filing jointly. The bill specifies that expenses eligible for the credit must be directly related to consultations, procedures, and prescribed drugs for IVF, while excluding costs associated with insurance coverage, travel, mileage, lodging, or payments made through health savings accounts or similar programs.

The bill introduces new sections to the statutes, specifically 71.07 (12) and 71.10 (4) (gt), detailing the definition of a claimant, the filing process, limitations on the credit, and administrative guidelines for the Department of Revenue. Notably, claimants cannot claim the same expenses under this new credit that they may claim under existing provisions for the same tax year. The Department of Revenue is tasked with providing suitable forms and instructions for claimants to facilitate the claiming process.