What does Preamble of FISC Act do?

This bill aims to provide monthly payments to eligible pregnant women and parents. The stated purpose is to improve families' ability to provide for their children and other family members.

What does SHORT TITLE. of FISC Act do?

This bill is formally titled the Family Income Supplemental Credit Act.

What does FAMILY INCOME SUPPLEMENTS. of FISC Act do?

This section establishes family income supplements for pregnant women and qualified caregivers of eligible children. Applicants must submit an application containing specific information, including income and marital status. An eligible child is defined as someone under 18, providing less than half of their own support, and a U.S. citizen or national. A qualified caregiver must be over 18, reside with the child, and provide economic support. Monthly payments are $800 for pregnant women and $400/$250 for eligible children (depending on age). Payments are subject to a 20% increase for married beneficiaries and a phase-out based on income. The Social Security Administration will establish a Bureau of Family Statistics to gather relevant data. The Commissioner is responsible for prescribing regulations and implementing a system for reporting changes in status. Annual reports will be submitted to Congress detailing activities and payment amounts.

What does REPEAL OF CHILD TAX CREDIT. of FISC Act do?

This section repeals section 24 of Subpart A of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986. It also makes conforming amendments to several other sections of the Internal Revenue Code, including sections 26, 45R, 48D, 152, 3402, 6402, 6211, 6417, 7527A, 6213, 6695, and 1324. One amendment to section 48D(d)(4) introduces a new definition for 'mirror code tax system' related to possessions of the United States. The amendments apply to taxable years beginning after the first taxable year during which the 1st calendar month described in section 2(l) begins. A transition rule is provided for taxable years that do not begin with the specified 1st calendar month, reducing the credit proportionally.

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FISC Act

Last updated: 2/13/2025 · Introduced: 2/13/2025

Author: Jared Golden (D-ME)

TL;DR (AI)

This bill establishes monthly income supplements of $800 for pregnant women and $400/$250 for eligible children, with amounts adjusted for marital status and income.
The bill repeals the existing Child Tax Credit and makes related amendments to the Internal Revenue Code.
The Social Security Administration will create a Bureau of Family Statistics to collect data and oversee the new supplemental payment system.

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 2 more.

4 sections

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