Modifies provisions relating to benevolent tax credits
What changed between versions
A new section (135.342) was added to create a $2,200 tax credit for each stillbirth, effective for tax years beginning on or after January 1, 2027, provided the child would have been a dependent.
The repeal list was updated to include section 135.647, and the new sections enacted now include 135.342 in addition to the original four.
New definitions were added for 'Department' (Department of Revenue) and 'Stillbirth' to support the new tax credit provision.
A new rule was added preventing taxpayers from claiming both the stillbirth tax credit and a specific exemption under section 143.161 for the same stillbirth.
The bill's header was changed from 'Introduced' to 'Senate Committee Substitute,' and the explanatory note regarding bold-faced brackets was removed.