To amend the Internal Revenue Code of 1986 to allow the child tax credit with respect to stillbirths.
Impact
If enacted, HB3054 would significantly modify the eligibility criteria for the child tax credit, offering financial relief to families who endure stillbirth. Currently, the child tax credit is available only for live births, which means that parents who suffer a stillbirth and lose their child late in pregnancy receive no financial recognition from the tax code. This bill aims to amend that omission by providing some form of financial aid to grieving families during an incredibly difficult time.
Summary
House Bill 3054 seeks to amend the Internal Revenue Code of 1986 to extend the child tax credit to parents who experience a stillbirth. This legislative move recognizes the emotional and financial burden that families face when dealing with the loss of a child born after 20 weeks gestation. By including stillbirths under the definition of 'qualifying children', parents would be eligible for tax deductions even in the unfortunate circumstance of losing an unborn child shortly before birth.
Contention
Some points of contention around HB3054 may arise from differing views on how to address the issue of stillbirth in a legislative framework. Supporters advocate for the recognition of the financial and emotional impact of stillbirths, stating that the tax credit could serve as a small comfort to affected families. On the other hand, opponents might raise concerns about the complexities of implementing such amendments to the tax code, including discussions about potential misuse or the broader implications for fiscal policy.
To amend the Internal Revenue Code of 1986 to allow certain credits and deductions to be taken as a refundable tax credit by Puerto Rico businesses or residents, and to extend such credits and deductions to possessions of the United States.
To amend the Internal Revenue Code of 1986 to allow a credit against income tax for qualified conservation contributions which include National Scenic Trails.
A bill to amend the Internal Revenue Code of 1986 to require taxpayers claiming the child and earned income tax credits, and their qualifying children, to have a valid social security number for employment purposes.