FISC Act

The FISC Act establishes a new monthly payment program for pregnant women after 20 weeks of pregnancy and caregivers of eligible children under 18. Payments are $800 per month for pregnancy, $400 for children under 6, and $250 for children 6 and older, with a 20% increase if married. Payments phase out for higher earners (starting at $125,000 individual income or $250,000 for joint filers) and are capped at 1/12 of the previous year's adjusted gross income. The bill repeals the existing child tax credit and requires the Social Security Administration to track program data through a new Bureau of Family Statistics, submitting annual reports to Congress.