Establishes a newborn tax credit of $2,000 per qualifying child born during the taxable year.
The Supporting Newborn Parents Act of 2026 amends the Internal Revenue Code to introduce a newborn tax credit. This credit amounts to $2,000 for each qualifying child born during the taxable year. The credit is subject to certain conditions, such as the earned income requirement and the phaseout based on the taxpayer's modified adjusted gross income. The bill also mandates the collection of specific information from parents applying for a social security account number for their child, including the parents' names, social security account numbers, and address.
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