S.2976: Advancing Support for Working Families Act
The Advancing Support for Working Families Act (S. 2976) would allow parent(s) of a newborn (or recently adopted a child under the age of six) the option of receiving a $5,000 tax credit. However, parents who decide to take the tax credit will be subject to a $500 deducted off their full child tax credit for the following ten years.
H.R. 5296 is the House companion bill introduced by Rep. Colin Allred.