FISC Act

Summary

Family Income Supplemental Credit Act or the FISC Act This bill replaces the federal child tax credit with monthly payments provided by the Social Security Administration (SSA) to qualified pregnant women and caregivers of eligible children. Specifically, the bill provides a monthly payment of $800 to a qualified pregnant woman, $400 to a qualified caregiver for each eligible child who is under six years old, and $250 to a qualified caregiver for each eligible child who is at least six years old. The monthly payment increases by 20% if the individual is a married pregnant woman or married to a qualified caregiver of an eligible child. Under the bill, the monthly payment begins to phase out for individuals with an adjusted gross income exceeding $125,000 ($250,000 for joint filers) for the most recently ended tax year. (Other limitations apply.) The bill defines an eligible child as an individual who is under 18 years old; is a U.S. citizen, U.S. national, or permanent resident alien; and does not provide more than half of their own financial support during the tax year. Further, a qualified caregiver must be at least 18 years old, reside with the child, and economically support the child. The bill also provides funding for the monthly payments and establishes the Bureau of Family Statistics within the SSA to provide certain information. Finally, the bill requires the SSA to issue regulations, establish a system to report marital or caregiver status changes, and report to Congress annually on the payments.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

2 official files

• Introduced in House

  Introduced in House · EN · 13 February 2025

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 13 February 2025

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.