Quinn Wilson's Law; provides a gross income tax credit for birth resulting in stillbirth.
Upon enactment, this bill will amend Title 54A of the New Jersey Statutes to include provisions for this new tax credit. It is expected to be effective immediately for taxable years commencing on or after January 1 following the enactment date. The legislation not only serves to provide immediate financial relief but also acknowledges the emotional toll on families dealing with stillbirth by offering them a degree of fiscal support during a challenging time.
A2872, also known as 'Quinn Wilson's Law,' proposes a gross income tax credit aimed at alleviating the financial burden faced by parents who experience a stillbirth. This legislation allows qualifying taxpayers to receive a $2,000 credit against their New Jersey income taxes for births that result in stillbirth, provided they meet specific criteria, such as obtaining a Certificate of Birth Resulting In Stillbirth. Designed to support grieving families, the bill highlights the emotional and financial costs associated with stillbirth, including funeral services and medical expenses incurred during pregnancy.
While the bill aims to support families, discussions around its implementation may focus on the implications for state budget allocations and potential administrative burdens in verifying claims. Policymakers will need to consider how this credit interacts with other social support systems for families and whether it is sufficient to meaningfully address the financial impacts of stillbirth. Additionally, the bill has room for future debates on its effectiveness and the adequacy of the credit amount, given the costs that families typically incur.