An Act to amend 71.10 (4) (i); to create 20.835 (2) (cd) and 71.07 (8n) of the statutes; Relating to: creating a refundable individual income tax credit for the parent of a stillbirth and making an appropriation. (FE)
Impact
The introduction of AB373 is expected to provide financial relief to parents grieving the loss of a child through stillbirth. The credit is aimed at alleviating some of the economic burden associated with such a tragic event, thereby supporting families during a difficult time. However, the nonrefundable nature means that it will only benefit those who have sufficient tax liability, potentially limiting its effectiveness for lower-income families. The bill thus reflects a commitment to providing some level of assistance to parents facing this heart-wrenching experience.
Summary
Wisconsin Assembly Bill 373 aims to create a nonrefundable individual income tax credit specifically for parents who experience a stillbirth. This legislation introduces a tax credit of up to $2,000 for the taxable year in which the stillbirth occurs, with certain conditions and limitations for eligibility. The bill defines stillbirth and outlines the necessary documentation required for claiming the credit, such as a fetal death report. It will apply to taxable years starting January 1 of the year it takes effect, with specific rules regarding married couples and single parents claiming the credit.
Sentiment
The sentiment surrounding AB373 appears to be positive, with strong support from various stakeholders who view it as an essential acknowledgment of the grief experienced by parents after a stillbirth. This bill has garnered bipartisan support in the legislature, indicating a collective recognition of the need for compassion and financial assistance in the wake of such personal tragedy. However, discussions also reveal concerns regarding the limitations imposed on the tax credit, particularly its nonrefundable aspect, which some argue might not fully address the financial implications of stillbirth for all parents.
Contention
Notable points of contention regarding AB373 include the debate on the equity of the tax credit structure and the specific requirements for claiming it. Advocates for more comprehensive support argue that the bill's current framework might not adequately address the broad spectrum of financial hardships faced by parents after a stillbirth. Criticism is directed at the fact that only those with sufficient tax liability can benefit fully from the credit, potentially excluding a significant number of grieving families. These discussions highlight a tension between providing targeted financial support while ensuring equitable access to that support.
Crossfiled
An Act to amend 71.10 (4) (i); to create 20.835 (2) (cd) and 71.07 (8n) of the statutes; Relating to: creating a refundable individual income tax credit for the parent of a stillbirth and making an appropriation. (FE)