Bill > HR1308

This bill introduces the Family Income Supplemental Credit (FISC) Act, which establishes a new monthly payment program for pregnant women and parents to provide financial support for families. The bill allows pregnant women who have been pregnant for at least 20 weeks and qualified caregivers of children under 18 to apply for monthly payments through the Social Security Administration. Pregnant women can receive $800 per month, while caregivers can receive $400 for children under 6 and $250 for children 6-17 years old. The payments include a 20% marriage bonus and are subject to a phase-out based on household income, with benefits decreasing by $16.67 for every $1,000 over $125,000 for individual filers or $250,000 for joint filers. The bill also creates a new Bureau of Family Statistics within the Social Security Administration to manage the program and requires annual reporting to Congress. As part of the implementation, the bill simultaneously repeals the existing Child Tax Credit, with a transition period to ensure a smooth replacement of the current tax credit system. The program is set to take effect on the first day of the first calendar month that begins one year or more after the bill's enactment.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/1308/all-info