First-Time Parents Tax Credit Act

This bill creates a new $1,250 tax credit for first-time parents, doubling to $2,500 for joint filers. It directly affects parents who haven't claimed this credit before and have either: (1) a child born or adopted in the current year, or (2) a non-custodial parent with a child born/adopted the previous year. The credit applies to taxable years beginning after December 31, 2025, and is added as a new section (36C) to the tax code. It does not change existing child tax credits or other provisions.