Subject to the limitations of this section, a taxpayer who is a parent of a stillborn child may claim a credit against the State income tax in an amount equal to $1,000 for each birth for which a certificate of birth resulting in stillbirth has been issued under § 4–213.1 of the Health – General Article or for which a certificate of fetal death or its equivalent has been issued by another state. The amount of the credit shall be reduced by $50 for each $1,000, or fraction thereof, by which the taxpayer’s federal adjusted gross income exceeds: $100,000 in the case of an individual; or $150,000 in the case of a married couple filing a joint income tax return. The credit allowed under this section may be claimed only for the taxable year in which the stillbirth occurred. If the credit allowed under this section in any taxable year exceeds the State income tax for that taxable year, the taxpayer may claim a refund in the amount of the excess.