HR 1308
FISC Act
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Bill overview
The FISC Act proposes replacing the federal child tax credit with monthly payments provided by the Social Security Administration to eligible pregnant women and caregivers of children. These monthly payments would be $800 for a pregnant woman, $400 per child under six, and $250 per child age six and older. Payments would phase out for higher-income individuals, and the SSA would establish a bureau to collect data and report on the program’s effectiveness. The bill also repeals the existing child tax credit and makes several related changes to the Internal Revenue Code.
Key provisions
- Provides monthly payments of $800 to pregnant women, $400 per child under six, and $250 per child age six and older.
- Payments phase out for individuals with adjusted gross income exceeding $125,000 (or $250,000 for joint filers).
- Defines an ‘eligible child’ as an individual under 18, a U.S. citizen or permanent resident, and not receiving more than half of their own financial support.
- Requires a ‘qualified caregiver’ to be at least 18, reside with the child, and economically support the child.
- Establishes the Bureau of Family Statistics within the Social Security Administration to gather and provide statistical information.
- Requires the SSA to develop a system for reporting changes in marital or caregiver status.
- Repeals the existing federal child tax credit.
- Makes several conforming amendments to the Internal Revenue Code related to tax credits and income calculations.
Who is affected
- Pregnant women
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119th CONGRESS — 1st Session
H. R. 1308
IN THE HOUSE OF REPRESENTATIVES
A BILL
To provide monthly payments for eligible pregnant women and parents to improve the ability of families to provide for their children and other family members, and for other purposes.
This Act may be cited as the Family Income Supplemental Credit Act FISC Act
or the
.
A pregnant woman may apply to the Commissioner of Social Security (in this section referred to as the Commissioner
) for monthly payments under this section with respect to the pregnancy.
A qualified caregiver of an eligible child may apply to the Commissioner for monthly payments under this section with respect to the eligible child.
The application shall contain the following:
An application submitted pursuant to paragraph (1)(A) shall contain—
the name, residential address, and social security account or tax identification number of the applicant;
the expected due date of the birth;
the name and address of the person who is providing pre-natal care with respect to the pregnancy;
a specification of the income of the applicant for the then most recently ended taxable year of the applicant; and
a statement as to whether the applicant is married.
For purposes of this section, the date a pregnancy began shall be determined on the basis commonly used by licensed physicians.
An application submitted pursuant to paragraph (1)(B) shall contain—
the name and residential address of the child and of each qualified caregiver of the child;
the age of the child;
a specification of the income of the applicant for the then most recently ended taxable year of the applicant; and
a statement as to whether the applicant is married.
In this section:
The term eligible child
means an individual who—
has not attained 18 years of age;
has provided not more than half of their own financial support during the most recent taxable year of the child; and
is a citizen or national of the United States, or a permanent resident alien.
The term qualified caregiver
means, with respect to a child, an individual who—
has attained 18 years of age;
resides with the child; and
provides economic support for the child.
qualified caregiverdoes not include an individual if—
the Commissioner, after notice and an opportunity for hearing, finds that the individual committed fraud in relation to the program under this section; and
the finding has not been reversed or vacated by a court of law.
for the calendar month in which the application is so submitted and each subsequent calendar month, if at any time in the month the beneficiary is a pregnant woman whose pregnancy has lasted for at least 20 weeks; and
for each calendar month after the calendar month in which an eligible child is born, in which the beneficiary is a qualified caregiver of the eligible child.
The amount of the monthly payment to a beneficiary under this section with respect to a pregnancy shall be $800.
The amount of the monthly payment to a beneficiary under this section with respect to each eligible child shall be—
a married pregnant woman; or
married to a qualified caregiver of an eligible child of the beneficiary.
The total amount of the monthly payment to a beneficiary under the preceding provisions of this subsection shall not exceed 1/12 of the total adjusted gross income of the beneficiary and the spouse (if any) of the beneficiary for the then most recently ended taxable year of the beneficiary.
The Commissioner may make payments under the preceding provisions of this section with respect to an eligible child to only 1 qualified caregiver of the eligible child.
the entitlement of the beneficiary with respect to the pregnancy is deemed to be converted into an entitlement to benefits under this section with respect to the child, subject to the submission by a qualified caregiver of the child, within 90 days after the birth, of an application pursuant to subsection (a)(1)(B) and the approval by the Commissioner of the application; and
the Commissioner—
shall ensure that benefit payments under this section to a qualified caregiver of the child are not interrupted during that 90-day period; and
may not seek to recover any benefit payment made under this section to a qualified caregiver of the child on account of the entitlement with respect to the child, if such a qualified caregiver does not submit such an application within that 90-day period or an application so submitted is disapproved.
Bureau).
The Bureau shall gather and provide to the Commissioner such statistical purpose (as defined in section 3561 of title 44, United States Code) information as is necessary to enable the Commissioner to carry out this section.
The Commissioner shall prescribe such regulations as are necessary to carry out this section.
The Commissioner shall develop and implement a system to allow an applicant or beneficiary pursuant to this section to report a change in the marital or caregiver status of the applicant or beneficiary.
The Commissioner shall prepare and submit to the Congress annual reports on the activities undertaken under this section. Each such report shall, with respect to the then most recently completed calendar year—
specify the average length of time from the date the Commissioner received an application submitted pursuant to this section with respect to a pregnancy or an eligible child to the date the 1st payment is made under this section with respect to the pregnancy or the eligible child;
include recommendations to reduce the average; and
specify the total of the amounts paid under this section in the calendar year.
Out of any amounts in the Treasury of the United States not otherwise appropriated, there are appropriated such sums as are necessary to carry out this section.
This section shall take effect on the 1st day of the 1st calendar month that begins 1 year or more after the date of the enactment of this section.
Section 26(b)(2) of such Code is amended by striking subparagraph (Z).
Section 48D(d)(4) of such Code is amended—
by striking possessions.—In the case of
and inserting the following:
possessions.—
by striking (as defined in section 24(k)
, and
by adding at the end the following new subparagraph:
mirror code tax systemmeans, with respect to any possession of the United States, the income tax system of such possession if the income tax liability of the residents of such possession under such system is determined by reference to the income tax laws of the United States as if such possession were the United States.
Section 152(f)(6)(B) of such Code is amended by striking clause (ii).
The second sentence of section 501(c)(26) of such Code is amended—
by striking (as defined in section 24(c))
, and
by adding at the end the following: For purposes of the preceding sentence, the term
.qualifying child
has the meaning given such term by section 152(c), except such term shall not include any individual who has attained the age of 17 or who would not be a dependent if subparagraph (A) of section 152(b)(3) were applied without regard to all that follows resident of the United States
.
Section 3402(f)(1) of such Code is amended by striking subparagraph (C).
Section 6402(m) of such Code is amended by striking section 24 (by reason of subsection (d) thereof) or
.
Section 6211(b)(4)(A) of such Code is amended by striking 24 by reason of subsections (d) and (i)(1) thereof,
.
Section 6417(f) of such Code is amended by striking (as defined in section 24(k))
and inserting (as defined in section 48D(d)(4)(B))
.
Chapter 77 of such Code is amended by striking section 7527A (and by striking the item relating to such section in the table of sections for such chapter).
Section 6211(b)(4)(A) of such Code is amended by striking 7527A,
.
Section 6213(g)(2) of such Code is amended by striking subparagraphs (I) and (P).
Section 6695(g)(2) of such Code is amended by striking 24,
.
, 24.
The amendments made by this section shall apply to taxable years beginning after the first taxable year during which the 1st calendar month described in section 2(l) begins.
In the case of any such first taxable year which does not begin with such 1st calendar month, the credit otherwise determined under section 24 of the Internal Revenue Code of 1986 shall be reduced to an amount which bears the same ratio to the amount of such credit (determined without regard to this paragraph) as—
the number of calendar months ending during such taxable year before such 1st calendar month, bears to
12.