Stillborn child; tax credit for loss.
The implementation of HB1915 will have a significant impact on state law regarding tax credits in cases of stillbirth. It acknowledges the emotional and financial burden that families face when dealing with such a loss and seeks to alleviate part of that burdensome experience through fiscal support. The bill also establishes guidelines for claiming the credit, ensuring that eligible families receive help in a timely and structured manner.
House Bill 1915 is a legislative proposal aimed at providing financial relief to families who experience the loss of a stillborn child. The bill, which amends the Code of Virginia, introduces a refundable tax credit of $2,000 for individual taxpayers or married couples who file jointly. This credit is available for taxable years beginning on or after January 1, 2023, and can be claimed only in the year the stillbirth occurs. To qualify, the child must meet specific criteria, including gestational age and require proper documentation of the stillbirth.
While the bill is primarily seen as supportive, certain points of contention may arise regarding the scope and accessibility of the proposed tax credit. Critics might raise concerns about the potential for abuse of the credit system or the sufficiency of the credit amount in genuinely supporting grieving families during a difficult time. Additionally, discussions surrounding the administrative capabilities of the Tax Commissioner to handle the new guidelines may come into play as the bill progresses through the legislative process.