Parents of stillborn child; establishes a refundable income tax credit.
Impact
The introduction of this bill signifies a shift in the state's approach to providing support for families dealing with stillbirth. By offering a refundable tax credit, it reinforces the state's recognition of the financial burdens associated with the loss of a child. If the tax credit exceeds the taxpayer's liability, the excess will be refunded, which ensures that families who may not have a significant tax burden still receive assistance. This kind of legislation could lead to similar measures being considered in the future, as it sets a precedent for acknowledging and supporting families in their times of loss.
Summary
House Bill 100 establishes a refundable income tax credit for parents who have experienced a stillbirth. Specifically, it allows individuals or married couples filing jointly to claim a credit of $2,000 for each stillborn child, provided they have the relevant certificate of birth resulting in stillbirth. This tax credit is applicable for taxable years starting January 1, 2022, and will be available until January 1, 2027, creating a specific window during which parents can benefit from this provision. The proposed legislation aims to acknowledge the emotional and financial impact of stillbirth on families by providing them with some tax relief at a particularly difficult time.
Contention
During discussions surrounding the bill, points of contention may arise regarding the implementation and effectiveness of such a tax credit. Some may argue about its fiscal impact on the state budget, considering that the funding for the credit would come from the general fund. Concerns may also surface regarding whether this measure adequately meets the needs of grieving families or if further support mechanisms should be explored. The lack of any opposition voting record indicated in the available discussions suggests that there may be bipartisan acknowledgment of the importance of supporting families through such a heartbreaking experience.