| 1 | 1 | | I |
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| 2 | 2 | | 119THCONGRESS |
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| 3 | 3 | | 1 |
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| 4 | 4 | | STSESSION H. R. 1308 |
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| 5 | 5 | | To provide monthly payments for eligible pregnant women and parents to |
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| 6 | 6 | | improve the ability of families to provide for their children and other |
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| 7 | 7 | | family members, and for other purposes. |
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| 8 | 8 | | IN THE HOUSE OF REPRESENTATIVES |
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| 9 | 9 | | FEBRUARY13, 2025 |
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| 10 | 10 | | Mr. G |
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| 11 | 11 | | OLDENof Maine introduced the following bill; which was referred to the |
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| 12 | 12 | | Committee on Ways and Means |
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| 13 | 13 | | A BILL |
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| 14 | 14 | | To provide monthly payments for eligible pregnant women |
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| 15 | 15 | | and parents to improve the ability of families to provide |
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| 16 | 16 | | for their children and other family members, and for |
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| 17 | 17 | | other purposes. |
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| 18 | 18 | | Be it enacted by the Senate and House of Representa-1 |
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| 19 | 19 | | tives of the United States of America in Congress assembled, 2 |
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| 20 | 20 | | SECTION 1. SHORT TITLE. 3 |
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| 21 | 21 | | This Act may be cited as the ‘‘Family Income Supple-4 |
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| 22 | 22 | | mental Credit Act’’ or the ‘‘FISC Act’’. 5 |
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| 23 | 23 | | SEC. 2. FAMILY INCOME SUPPLEMENTS. 6 |
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| 24 | 24 | | (a) A |
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| 25 | 25 | | PPLICATIONS.— 7 |
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| 26 | 26 | | (1) I |
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| 27 | 27 | | N GENERAL.— 8 |
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| 29 | 29 | | ssavage on LAPJG3WLY3PROD with BILLS 2 |
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| 30 | 30 | | •HR 1308 IH |
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| 31 | 31 | | (A) QUALIFIED PREGNANT WOMAN .—A 1 |
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| 32 | 32 | | pregnant woman may apply to the Commis-2 |
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| 33 | 33 | | sioner of Social Security (in this section re-3 |
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| 34 | 34 | | ferred to as the ‘‘Commissioner’’) for monthly 4 |
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| 35 | 35 | | payments under this section with respect to the 5 |
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| 36 | 36 | | pregnancy. 6 |
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| 37 | 37 | | (B) Q |
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| 38 | 38 | | UALIFIED CAREGIVER .—A qualified 7 |
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| 39 | 39 | | caregiver of an eligible child may apply to the 8 |
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| 40 | 40 | | Commissioner for monthly payments under this 9 |
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| 41 | 41 | | section with respect to the eligible child. 10 |
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| 42 | 42 | | (2) C |
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| 43 | 43 | | ONTENTS.—The application shall contain 11 |
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| 44 | 44 | | the following: 12 |
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| 45 | 45 | | (A) P |
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| 46 | 46 | | REGNANT WOMAN .— 13 |
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| 47 | 47 | | (i) I |
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| 48 | 48 | | N GENERAL.—An application sub-14 |
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| 49 | 49 | | mitted pursuant to paragraph (1)(A) shall 15 |
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| 50 | 50 | | contain— 16 |
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| 51 | 51 | | (I) the name, residential address, 17 |
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| 52 | 52 | | and social security account or tax 18 |
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| 53 | 53 | | identification number of the applicant; 19 |
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| 54 | 54 | | (II) the expected due date of the 20 |
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| 55 | 55 | | birth; 21 |
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| 56 | 56 | | (III) the name and address of the 22 |
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| 57 | 57 | | person who is providing pre-natal care 23 |
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| 58 | 58 | | with respect to the pregnancy; 24 |
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| 60 | 60 | | ssavage on LAPJG3WLY3PROD with BILLS 3 |
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| 61 | 61 | | •HR 1308 IH |
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| 62 | 62 | | (IV) a specification of the income 1 |
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| 63 | 63 | | of the applicant for the then most re-2 |
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| 64 | 64 | | cently ended taxable year of the appli-3 |
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| 65 | 65 | | cant; and 4 |
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| 66 | 66 | | (V) a statement as to whether 5 |
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| 67 | 67 | | the applicant is married. 6 |
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| 68 | 68 | | (ii) B |
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| 69 | 69 | | EGINNING OF PREGNANCY .—For 7 |
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| 70 | 70 | | purposes of this section, the date a preg-8 |
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| 71 | 71 | | nancy began shall be determined on the 9 |
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| 72 | 72 | | basis commonly used by licensed physi-10 |
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| 73 | 73 | | cians. 11 |
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| 74 | 74 | | (B) Q |
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| 75 | 75 | | UALIFIED CAREGIVER.—An applica-12 |
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| 76 | 76 | | tion submitted pursuant to paragraph (1)(B) 13 |
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| 77 | 77 | | shall contain— 14 |
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| 78 | 78 | | (i) the name and residential address 15 |
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| 79 | 79 | | of the child and of each qualified caregiver 16 |
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| 80 | 80 | | of the child; 17 |
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| 81 | 81 | | (ii) the age of the child; 18 |
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| 82 | 82 | | (iii) the social security account or tax 19 |
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| 83 | 83 | | identification number of the child; 20 |
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| 84 | 84 | | (iv) the social security account num-21 |
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| 85 | 85 | | ber or tax identification number of each 22 |
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| 86 | 86 | | qualified caregiver of the child; 23 |
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| 88 | 88 | | ssavage on LAPJG3WLY3PROD with BILLS 4 |
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| 89 | 89 | | •HR 1308 IH |
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| 90 | 90 | | (v) a specification of the income of the 1 |
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| 91 | 91 | | applicant for the then most recently ended 2 |
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| 92 | 92 | | taxable year of the applicant; and 3 |
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| 93 | 93 | | (vi) a statement as to whether the ap-4 |
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| 94 | 94 | | plicant is married. 5 |
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| 95 | 95 | | (b) D |
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| 96 | 96 | | EFINITIONS.—In this section: 6 |
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| 97 | 97 | | (1) E |
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| 98 | 98 | | LIGIBLE CHILD.—The term ‘‘eligible 7 |
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| 99 | 99 | | child’’ means an individual who— 8 |
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| 100 | 100 | | (A) has not attained 18 years of age; 9 |
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| 101 | 101 | | (B) has provided not more than half of 10 |
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| 102 | 102 | | their own financial support during the most re-11 |
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| 103 | 103 | | cent taxable year of the child; and 12 |
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| 104 | 104 | | (C) is a citizen or national of the United 13 |
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| 105 | 105 | | States, or a permanent resident alien. 14 |
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| 106 | 106 | | (2) Q |
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| 107 | 107 | | UALIFIED CAREGIVER.— 15 |
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| 108 | 108 | | (A) I |
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| 109 | 109 | | N GENERAL.—The term ‘‘qualified 16 |
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| 110 | 110 | | caregiver’’ means, with respect to a child, an in-17 |
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| 111 | 111 | | dividual who— 18 |
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| 112 | 112 | | (i) has attained 18 years of age; 19 |
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| 113 | 113 | | (ii) resides with the child; and 20 |
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| 114 | 114 | | (iii) provides economic support for the 21 |
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| 115 | 115 | | child. 22 |
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| 116 | 116 | | (B) F |
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| 117 | 117 | | RAUD DISQUALIFICATION .—Notwith-23 |
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| 118 | 118 | | standing subparagraph (A), the term ‘‘qualified 24 |
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| 119 | 119 | | caregiver’’ does not include an individual if— 25 |
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| 122 | 122 | | •HR 1308 IH |
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| 123 | 123 | | (i) the Commissioner, after notice and 1 |
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| 124 | 124 | | an opportunity for hearing, finds that the 2 |
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| 125 | 125 | | individual committed fraud in relation to 3 |
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| 126 | 126 | | the program under this section; and 4 |
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| 127 | 127 | | (ii) the finding has not been reversed 5 |
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| 128 | 128 | | or vacated by a court of law. 6 |
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| 129 | 129 | | (c) E |
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| 130 | 130 | | NTITLEMENT.—On approval by the Commis-7 |
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| 131 | 131 | | sioner of an application submitted pursuant to subsection 8 |
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| 132 | 132 | | (a), the applicant shall become a beneficiary entitled to 9 |
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| 133 | 133 | | monthly payments under this section— 10 |
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| 134 | 134 | | (1) for the calendar month in which the appli-11 |
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| 135 | 135 | | cation is so submitted and each subsequent calendar 12 |
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| 136 | 136 | | month, if at any time in the month the beneficiary 13 |
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| 137 | 137 | | is a pregnant woman whose pregnancy has lasted for 14 |
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| 138 | 138 | | at least 20 weeks; and 15 |
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| 139 | 139 | | (2) for each calendar month after the calendar 16 |
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| 140 | 140 | | month in which an eligible child is born, in which 17 |
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| 141 | 141 | | the beneficiary is a qualified caregiver of the eligible 18 |
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| 142 | 142 | | child. 19 |
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| 143 | 143 | | (d) A |
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| 144 | 144 | | MOUNT OFMONTHLYPAYMENT.— 20 |
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| 145 | 145 | | (1) I |
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| 146 | 146 | | N GENERAL.— 21 |
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| 147 | 147 | | (A) W |
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| 148 | 148 | | ITH RESPECT TO A PREGNANCY .— 22 |
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| 149 | 149 | | The amount of the monthly payment to a bene-23 |
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| 150 | 150 | | ficiary under this section with respect to a preg-24 |
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| 151 | 151 | | nancy shall be $800. 25 |
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| 154 | 154 | | •HR 1308 IH |
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| 155 | 155 | | (B) WITH RESPECT TO AN ELIGIBLE 1 |
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| 156 | 156 | | CHILD.—The amount of the monthly payment 2 |
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| 157 | 157 | | to a beneficiary under this section with respect 3 |
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| 158 | 158 | | to each eligible child shall be— 4 |
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| 159 | 159 | | (i) $400, if the child has not attained 5 |
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| 160 | 160 | | 6 years of age; or 6 |
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| 161 | 161 | | (ii) $250, if the child has attained 6 7 |
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| 162 | 162 | | years of age. 8 |
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| 163 | 163 | | (2) M |
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| 164 | 164 | | ARRIAGE BONUS.—The total amount of 9 |
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| 165 | 165 | | the monthly payment to a beneficiary under para-10 |
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| 166 | 166 | | graph (1) shall be increased by 20 percent if the 11 |
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| 167 | 167 | | beneficiary is— 12 |
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| 168 | 168 | | (A) a married pregnant woman; or 13 |
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| 169 | 169 | | (B) married to a qualified caregiver of an 14 |
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| 170 | 170 | | eligible child of the beneficiary. 15 |
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| 171 | 171 | | (3) P |
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| 172 | 172 | | HASE-OUT.—The total amount of the 16 |
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| 173 | 173 | | monthly payment to a beneficiary under the pre-17 |
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| 174 | 174 | | ceding provisions of this subsection shall be de-18 |
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| 175 | 175 | | creased (but not below zero) by $16.67 for each 19 |
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| 176 | 176 | | whole $1,000 by which— 20 |
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| 177 | 177 | | (A) the adjusted gross income of the bene-21 |
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| 178 | 178 | | ficiary for the then most recently ended taxable 22 |
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| 179 | 179 | | year of the beneficiary exceeds $125,000; or 23 |
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| 180 | 180 | | (B) if the beneficiary and the spouse of the 24 |
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| 181 | 181 | | beneficiary filed a joint return of Federal in-25 |
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| 183 | 183 | | ssavage on LAPJG3WLY3PROD with BILLS 7 |
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| 184 | 184 | | •HR 1308 IH |
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| 185 | 185 | | come tax for that taxable year, the total ad-1 |
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| 186 | 186 | | justed gross income of the beneficiary and the 2 |
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| 187 | 187 | | spouse of the beneficiary for the taxable year 3 |
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| 188 | 188 | | exceeds $250,000. 4 |
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| 189 | 189 | | (4) L |
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| 190 | 190 | | IMITATION.—The total amount of the 5 |
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| 191 | 191 | | monthly payment to a beneficiary under the pre-6 |
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| 192 | 192 | | ceding provisions of this subsection shall not exceed 7 |
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| 193 | 193 | | 1 |
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| 194 | 194 | | ⁄12of the total adjusted gross income of the bene-8 |
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| 195 | 195 | | ficiary and the spouse (if any) of the beneficiary for 9 |
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| 196 | 196 | | the then most recently ended taxable year of the 10 |
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| 197 | 197 | | beneficiary. 11 |
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| 198 | 198 | | (e) R |
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| 199 | 199 | | ECIPIENT OFPAYMENT.—The Commissioner 12 |
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| 200 | 200 | | may make payments under the preceding provisions of this 13 |
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| 201 | 201 | | section with respect to an eligible child to only 1 qualified 14 |
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| 202 | 202 | | caregiver of the eligible child. 15 |
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| 203 | 203 | | (f) P |
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| 204 | 204 | | ROVISIONALCONTINUATION OF BENEFITS FOR 16 |
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| 205 | 205 | | L |
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| 206 | 206 | | IMITEDPERIOD INCERTAINCASES.—In the case of a 17 |
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| 207 | 207 | | beneficiary under this section with respect to a pregnancy 18 |
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| 208 | 208 | | that results in the birth of a child— 19 |
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| 209 | 209 | | (1) the entitlement of the beneficiary with re-20 |
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| 210 | 210 | | spect to the pregnancy is deemed to be converted 21 |
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| 211 | 211 | | into an entitlement to benefits under this section 22 |
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| 212 | 212 | | with respect to the child, subject to the submission 23 |
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| 213 | 213 | | by a qualified caregiver of the child, within 90 days 24 |
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| 214 | 214 | | after the birth, of an application pursuant to sub-25 |
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| 216 | 216 | | ssavage on LAPJG3WLY3PROD with BILLS 8 |
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| 217 | 217 | | •HR 1308 IH |
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| 218 | 218 | | section (a)(1)(B) and the approval by the Commis-1 |
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| 219 | 219 | | sioner of the application; and 2 |
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| 220 | 220 | | (2) the Commissioner— 3 |
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| 221 | 221 | | (A) shall ensure that benefit payments 4 |
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| 222 | 222 | | under this section to a qualified caregiver of the 5 |
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| 223 | 223 | | child are not interrupted during that 90-day pe-6 |
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| 224 | 224 | | riod; and 7 |
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| 225 | 225 | | (B) may not seek to recover any benefit 8 |
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| 226 | 226 | | payment made under this section to a qualified 9 |
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| 227 | 227 | | caregiver of the child on account of the entitle-10 |
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| 228 | 228 | | ment with respect to the child, if such a quali-11 |
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| 229 | 229 | | fied caregiver does not submit such an applica-12 |
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| 230 | 230 | | tion within that 90-day period or an application 13 |
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| 231 | 231 | | so submitted is disapproved. 14 |
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| 232 | 232 | | (g) A |
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| 233 | 233 | | DMINISTRATIVEPROVISIONS.— 15 |
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| 234 | 234 | | (1) B |
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| 235 | 235 | | UREAU OF FAMILY STATISTICS .—There is 16 |
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| 236 | 236 | | established in the Social Security Administration the 17 |
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| 237 | 237 | | Bureau of Family Statistics (in this section referred 18 |
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| 238 | 238 | | to as the ‘‘Bureau’’). 19 |
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| 239 | 239 | | (2) D |
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| 240 | 240 | | UTIES.—The Bureau shall gather and 20 |
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| 241 | 241 | | provide to the Commissioner such statistical purpose 21 |
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| 242 | 242 | | (as defined in section 3561 of title 44, United States 22 |
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| 243 | 243 | | Code) information as is necessary to enable the 23 |
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| 244 | 244 | | Commissioner to carry out this section. 24 |
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| 245 | 245 | | (h) R |
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| 246 | 246 | | EGULATIONS.— 25 |
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| 248 | 248 | | ssavage on LAPJG3WLY3PROD with BILLS 9 |
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| 249 | 249 | | •HR 1308 IH |
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| 250 | 250 | | (1) IN GENERAL.—The Commissioner shall pre-1 |
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| 251 | 251 | | scribe such regulations as are necessary to carry out 2 |
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| 252 | 252 | | this section. 3 |
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| 253 | 253 | | (2) S |
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| 254 | 254 | | YSTEM FOR REPORTING CHANGE IN STA -4 |
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| 255 | 255 | | TUS.—The Commissioner shall develop and imple-5 |
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| 256 | 256 | | ment a system to allow an applicant or beneficiary 6 |
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| 257 | 257 | | pursuant to this section to report a change in the 7 |
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| 258 | 258 | | marital or caregiver status of the applicant or bene-8 |
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| 259 | 259 | | ficiary. 9 |
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| 260 | 260 | | (i) A |
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| 261 | 261 | | NNUALREPORTS.—The Commissioner shall pre-10 |
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| 262 | 262 | | pare and submit to the Congress annual reports on the 11 |
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| 263 | 263 | | activities undertaken under this section. Each such report 12 |
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| 264 | 264 | | shall, with respect to the then most recently completed cal-13 |
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| 265 | 265 | | endar year— 14 |
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| 266 | 266 | | (1) specify the average length of time from the 15 |
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| 267 | 267 | | date the Commissioner received an application sub-16 |
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| 268 | 268 | | mitted pursuant to this section with respect to a 17 |
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| 269 | 269 | | pregnancy or an eligible child to the date the 1st 18 |
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| 270 | 270 | | payment is made under this section with respect to 19 |
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| 271 | 271 | | the pregnancy or the eligible child; 20 |
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| 272 | 272 | | (2) include recommendations to reduce the av-21 |
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| 273 | 273 | | erage; and 22 |
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| 274 | 274 | | (3) specify the total of the amounts paid under 23 |
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| 275 | 275 | | this section in the calendar year. 24 |
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| 277 | 277 | | ssavage on LAPJG3WLY3PROD with BILLS 10 |
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| 278 | 278 | | •HR 1308 IH |
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| 279 | 279 | | (j) APPROPRIATION.—Out of any amounts in the 1 |
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| 280 | 280 | | Treasury of the United States not otherwise appropriated, 2 |
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| 281 | 281 | | there are appropriated such sums as are necessary to 3 |
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| 282 | 282 | | carry out this section. 4 |
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| 283 | 283 | | (k) E |
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| 284 | 284 | | FFECTIVEDATE.—This section shall take effect 5 |
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| 285 | 285 | | on the 1st day of the 1st calendar month that begins 1 6 |
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| 286 | 286 | | year or more after the date of the enactment of this sec-7 |
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| 287 | 287 | | tion. 8 |
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| 288 | 288 | | SEC. 3. REPEAL OF CHILD TAX CREDIT. 9 |
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| 289 | 289 | | (a) I |
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| 290 | 290 | | NGENERAL.—Subpart A of part IV of sub-10 |
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| 291 | 291 | | chapter A of chapter 1 of the Internal Revenue Code of 11 |
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| 292 | 292 | | 1986 is amended by striking section 24 (and by striking 12 |
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| 293 | 293 | | the item relating to such section in the table of sections 13 |
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| 294 | 294 | | for such subpart). 14 |
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| 295 | 295 | | (b) C |
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| 296 | 296 | | ONFORMINGAMENDMENTS.— 15 |
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| 297 | 297 | | (1) Section 26(b)(2) of such Code is amended 16 |
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| 298 | 298 | | by striking subparagraph (Z). 17 |
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| 299 | 299 | | (2) Section 45R(f)(3)(B) of such Code is 18 |
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| 300 | 300 | | amended to read as follows: 19 |
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| 301 | 301 | | ‘‘(B) S |
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| 302 | 302 | | PECIAL RULE.—Any amounts paid 20 |
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| 303 | 303 | | pursuant to an agreement under section 3121(l) 21 |
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| 304 | 304 | | (relating to agreements entered into by Amer-22 |
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| 305 | 305 | | ican employers with respect to foreign affiliates) 23 |
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| 306 | 306 | | which are equivalent to the taxes referred to in 24 |
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| 308 | 308 | | ssavage on LAPJG3WLY3PROD with BILLS 11 |
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| 309 | 309 | | •HR 1308 IH |
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| 310 | 310 | | subparagraph (A) shall be treated as taxes re-1 |
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| 311 | 311 | | ferred to in such subparagraph.’’. 2 |
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| 312 | 312 | | (3) Section 48D(d)(4) of such Code is amend-3 |
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| 313 | 313 | | ed— 4 |
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| 314 | 314 | | (A) by striking ‘‘ |
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| 315 | 315 | | POSSESSIONS.—In the 5 |
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| 316 | 316 | | case of’’ and inserting the following: ‘‘ |
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| 317 | 317 | | POSSES-6 |
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| 318 | 318 | | SIONS.— 7 |
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| 319 | 319 | | ‘‘(A) I |
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| 320 | 320 | | N GENERAL.—In the case of’’, 8 |
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| 321 | 321 | | (B) by striking ‘‘(as defined in section 9 |
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| 322 | 322 | | 24(k)’’, and 10 |
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| 323 | 323 | | (C) by adding at the end the following new 11 |
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| 324 | 324 | | subparagraph: 12 |
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| 325 | 325 | | ‘‘(B) M |
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| 326 | 326 | | IRROR CODE TAX SYSTEM .—For 13 |
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| 327 | 327 | | purposes of this paragraph, the term ‘mirror 14 |
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| 328 | 328 | | code tax system’ means, with respect to any 15 |
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| 329 | 329 | | possession of the United States, the income tax 16 |
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| 330 | 330 | | system of such possession if the income tax li-17 |
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| 331 | 331 | | ability of the residents of such possession under 18 |
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| 332 | 332 | | such system is determined by reference to the 19 |
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| 333 | 333 | | income tax laws of the United States as if such 20 |
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| 334 | 334 | | possession were the United States.’’. 21 |
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| 335 | 335 | | (4) Section 152(f)(6)(B) of such Code is 22 |
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| 336 | 336 | | amended by striking clause (ii). 23 |
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| 337 | 337 | | (5) The second sentence of section 501(c)(26) 24 |
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| 338 | 338 | | of such Code is amended— 25 |
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| 340 | 340 | | ssavage on LAPJG3WLY3PROD with BILLS 12 |
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| 341 | 341 | | •HR 1308 IH |
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| 342 | 342 | | (A) by striking ‘‘(as defined in section 1 |
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| 343 | 343 | | 24(c))’’, and 2 |
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| 344 | 344 | | (B) by adding at the end the following: 3 |
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| 345 | 345 | | ‘‘For purposes of the preceding sentence, the 4 |
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| 346 | 346 | | term ‘qualifying child’ has the meaning given 5 |
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| 347 | 347 | | such term by section 152(c), except such term 6 |
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| 348 | 348 | | shall not include any individual who has at-7 |
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| 349 | 349 | | tained the age of 17 or who would not be a de-8 |
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| 350 | 350 | | pendent if subparagraph (A) of section 9 |
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| 351 | 351 | | 152(b)(3) were applied without regard to all 10 |
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| 352 | 352 | | that follows ‘resident of the United States’.’’. 11 |
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| 353 | 353 | | (6) Section 3402(f)(1) of such Code is amended 12 |
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| 354 | 354 | | by striking subparagraph (C). 13 |
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| 355 | 355 | | (7) Section 6402(m) of such Code is amended 14 |
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| 356 | 356 | | by striking ‘‘section 24 (by reason of subsection (d) 15 |
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| 357 | 357 | | thereof) or’’. 16 |
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| 358 | 358 | | (8) Section 6211(b)(4)(A) of such Code is 17 |
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| 359 | 359 | | amended by striking ‘‘24 by reason of subsections 18 |
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| 360 | 360 | | (d) and (i)(1) thereof,’’. 19 |
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| 361 | 361 | | (9) Section 6417(f) of such Code is amended by 20 |
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| 362 | 362 | | striking ‘‘(as defined in section 24(k))’’ and insert-21 |
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| 363 | 363 | | ing ‘‘(as defined in section 48D(d)(4)(B))’’. 22 |
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| 364 | 364 | | (10)(A) Chapter 77 of such Code is amended by 23 |
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| 365 | 365 | | striking section 7527A (and by striking the item re-24 |
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| 367 | 367 | | ssavage on LAPJG3WLY3PROD with BILLS 13 |
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| 368 | 368 | | •HR 1308 IH |
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| 369 | 369 | | lating to such section in the table of sections for 1 |
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| 370 | 370 | | such chapter). 2 |
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| 371 | 371 | | (B) Section 6211(b)(4)(A) of such Code is 3 |
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| 372 | 372 | | amended by striking ‘‘7527A,’’. 4 |
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| 373 | 373 | | (11) Section 6213(g)(2) of such Code is amend-5 |
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| 374 | 374 | | ed by striking subparagraphs (I) and (P). 6 |
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| 375 | 375 | | (12) Section 6695(g)(2) of such Code is amend-7 |
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| 376 | 376 | | ed by striking ‘‘24,’’. 8 |
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| 377 | 377 | | (13) Section 1324(b)(2) of title 31, United 9 |
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| 378 | 378 | | States Code, is amended by striking ‘‘, 24’’. 10 |
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| 379 | 379 | | (c) E |
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| 380 | 380 | | FFECTIVEDATE.— 11 |
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| 381 | 381 | | (1) I |
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| 382 | 382 | | N GENERAL.—The amendments made by 12 |
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| 383 | 383 | | this section shall apply to taxable years beginning 13 |
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| 384 | 384 | | after the first taxable year during which the 1st cal-14 |
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| 385 | 385 | | endar month described in section 2(l) begins. 15 |
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| 386 | 386 | | (2) T |
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| 387 | 387 | | RANSITION RULE.—In the case of any 16 |
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| 388 | 388 | | such first taxable year which does not begin with 17 |
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| 389 | 389 | | such 1st calendar month, the credit otherwise deter-18 |
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| 390 | 390 | | mined under section 24 of the Internal Revenue 19 |
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| 391 | 391 | | Code of 1986 shall be reduced to an amount which 20 |
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| 392 | 392 | | bears the same ratio to the amount of such credit 21 |
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| 393 | 393 | | (determined without regard to this paragraph) as— 22 |
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| 394 | 394 | | (A) the number of calendar months ending 23 |
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| 395 | 395 | | during such taxable year before such 1st cal-24 |
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| 396 | 396 | | endar month, bears to 25 |
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| 399 | 399 | | •HR 1308 IH |
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| 400 | 400 | | (B) 12. 1 |
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| 401 | 401 | | Æ |
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