No CRS summary available for this bill.
This section establishes a $2,000 newborn tax credit for each qualifying child born during the taxable year, reduced by $50 for every $1,000 by which modified adjusted gross income exceeds the threshold amount and limited to 20 percent of the taxpayer's earned income. It requires the Commissioner of Social Security to collect parents' names, Social Security numbers, address, direct deposit information, and elections on use of estimated income or prior-year data when issuing a Social Security number to a newborn, and to transmit the information to the Secretary of the Treasury within 45 days for advance payment within six weeks. It directs the Secretary to provide plain-language guidance on the credit and establish an online portal for elections, with inflation adjustments to the credit amount beginning after 2026.