Quinn Wilson's Law; provides gross income tax credit for birth resulting in stillbirth.
Impact
The introduction of S1843 is significant as it seeks to amend Title 54A of the New Jersey Statutes by creating a tax credit mechanism focused specifically on stillbirths. This could enhance the support available to families facing similar tragedies and help alleviate some of the burdens associated with unexpected loss. By specifying that the stillborn child must have been a dependent as per federal definitions, the law aims to ensure that the tax benefit is effectively targeted towards those families who would most likely experience a financial strain from the loss of a child.
Summary
Senate Bill S1843, known as Quinn Wilson's Law, proposes a gross income tax credit aimed at providing financial relief to parents who experience a stillbirth. Specifically, the bill allows individuals to claim a $2,000 tax credit for a stillbirth that results in the issuance of a 'Certificate of Birth Resulting In Stillbirth' by the State Registrar. This legislation acknowledges the emotional and financial distress that parents endure during such a heartbreaking time by offering a modest financial offset that can assist with the resultant expenses.
Contention
While the bill aims to provide necessary assistance to grieving parents, there may be notable discussions around the implications of implementing such a credit. Critics might argue about the bureaucratic processes required to obtain the Certificate of Birth Resulting In Stillbirth and possible limitations on claiming the credit. Additionally, there may be debates regarding the fiscal impact on state revenue and whether such credits divert funds from other needed programs or services.