FISC Act

This bill would create monthly cash payments for pregnant women and for parents or other caregivers of children. It would pay $800 per month during pregnancy once the pregnancy reaches 20 weeks, and then $400 per month for each child under age 6 and $250 per month for each child age 6 or older. Payments begin in the month you apply, if you meet the rules. Married beneficiaries get 20% more, and the benefit shrinks as income rises above $125,000 for single filers or $250,000 for married couples. Only one caregiver can receive payments for each child. The Social Security Administration would run the program.

It would also end the federal Child Tax Credit and replace it with these monthly payments. The change would start one year after the law is enacted. The tax credit would phase out starting with the tax year when the new monthly payments begin, with a transition rule to prorate the old credit in that first year.

• Who is affected: Pregnant women at 20+ weeks and parents/caregivers of eligible children; families across incomes, with a phase-out at higher incomes; one caregiver per child can be paid.
• What changes: Monthly payments of $800 during pregnancy, then $400 per child under 6 and $250 per child age 6 or older; 20% marriage bonus; no gap in payments for the first 90 days after birth while a caregiver applies; Social Security will collect basic info in the application and run the program.
• When: Program starts the first day of a month at least one year after enactment; the Child Tax Credit is repealed starting with the tax year when the program begins, with a prorated credit for that first year if it starts mid-year.