H. R. 4653

1. Short title
2. First-time parents tax credit

1. Short title

This Act may be cited as the "First-Time Parents Tax Credit Act".

2. First-time parents tax credit

(a) In general - Subpart C of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 36B the following new section:

36C. First-time parents tax credit

(a) Allowance of credit - In the case of an eligible new parent, there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to $1,250 (twice such amount in the case of two eligible new parents filing a joint return).

(b) Eligible new parent - For purposes of this section, the term eligible new parent means, with respect to a taxable year, a taxpayer—

(1) - who has not claimed the credit in a prior taxable year, and

(2) - who is—

(A) - the parent of a qualifying child (as defined in section 152(c)) who was born or adopted during the taxable year, or

(B) - the non-custodial parent of a child who was born or adopted in the taxable year immediately preceding the current taxable year.

(1) - whose name appears on the birth certificate of the child with respect to whom a credit is allowed under subsection (a), and

(2) - who can not claim such child as a qualifying child during the taxable year in which the credit under subsection (a) is allowed to such individual.

(b) Conforming amendments -

(1) - Section 6211(b)(4) of the Internal Revenue Code of 1986 is amended by inserting "36C," after "36B,".

(2) - Section 1324(b)(2) of title 31, United States Code, is amended by inserting "25E," after "25A,".

(3) - The table of sections for subpart C of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after the item relating to section 36B the following new item:

119-HR4653

First-Time Parents Tax Credit Act

119th CONGRESS

1st Session

H. R. 4653

1. Short title

2. First-time parents tax credit

36C. First-time parents tax credit