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FISC Act
3/13/2025, 9:08 AM
Summary of Bill HR 1308
The Monthly Payments for Families Act is designed to support families facing economic challenges by offering a consistent source of income that can be used for essential needs such as food, housing, and healthcare. By providing this financial assistance, the bill seeks to alleviate financial stress and promote the well-being of both parents and children.
In addition to supporting families in need, the bill also aims to address broader societal issues related to poverty and inequality. By providing monthly payments to eligible individuals, the legislation seeks to reduce disparities in access to resources and opportunities, ultimately working towards a more equitable society. Overall, the Monthly Payments for Families Act represents a significant effort to support vulnerable families and promote economic stability. If passed, this legislation has the potential to make a meaningful impact on the lives of countless individuals and families across the United States.
Congressional Summary of HR 1308
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.
