ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / NEWS

All You Need To Know About The Child Tax Credit for Pregnant Moms Act of 2023

The bill aims to provide income tax benefits of up to $1500 to expecting mothes.
PUBLISHED JAN 18, 2024
Representative Image | Getty Images | Photo by Matthew Horwood
Representative Image | Getty Images | Photo by Matthew Horwood
Representative Image | Getty Images | Photo by Matthew Horwood
Representative Image | Getty Images | Photo by Matthew Horwood

A Senate tax committee Tuesday heard but didn’t vote on a bill that proposed income tax deductions for expecting mothers. Senate Tax and Fiscal Policy Committee Chair Travis Holdman (R-Markle) said that he won’t take a vote on the bill in the session because of the ongoing legislative task force studying Indianapolis’ entire tax system, per The Indiana Capital Chronicle.  Thus, the new legislation under which pregnant people could claim their fetus as a dependent on their state taxes will not go ahead in the 2024 session. The bill named Child Tax Credit for Pregnant Moms Act of 2023, was introduced in the Indiana Statehouse and it has split opinions between the reviewers. 

U.S. Senator Tim Scott (R-S.C.) along with the bill’s sponsor, Rep. Miller-Meeks, Mariannette introduced the Child Tax Credit for Pregnant Moms Act, legislation that aims to allow expectant moms to claim the Child Tax Credit for their unborn children.

The legislation builds on the Child Tax Credit provisions included in the Tax Cuts and Jobs Act, Senator Scott mentioned in his official release. It aims to support families and pregnant mothers in light of rising inflation and the several costs that come with carrying a baby and planning for the care of the newborn.

This bill allows a child tax credit for an unborn child who is born alive. It also allows a tax credit upon certification that a mother's pregnancy resulted in a miscarriage of an unborn child who was carried in the womb for less than 20 weeks or if a child was stillborn.

The legislation requires the expecting mothers who are getting the deduction to submit a radiology imaging report to prove they were pregnant. Thus, Senate Bill 98 requires expectant parents to submit the radiology imaging along with their tax returns to claim a personal income tax exemption worth $1,000 and a dependent child exemption of $1,500.



 

The supporters of the Bill claim that moms across the country working hard to support their growing families amid rising inflation. Further, expecting mothers need to figure out how to get access to health care, make the necessary prenatal and postpartum appointments, prepare for the newborn baby, and account for all the associated costs.

“Expectant moms deserve nothing less than our utmost support as they navigate this joyful yet challenging time,” said Senator Scott in his official release.

Further, Rep. Mariannette Miller-Meeks said that The Child Tax Credit for Pregnant Moms Act puts concrete support systems in place for families who are struggling with their existing financial burdens in a piece on The Hill.

She mentions that for some families the legislation provides the means to babyproof a house without having to restructure the monthly budget. Also, for the young people who are thinking of starting families, the legislation provides a path to balance debt, like student loans, and navigate through the financial hurdles.



 

The opponents of the bill argue that the legislation has provisions for invasive surveillance of pregnancy. As per the University of Indianapolis sociology professor Elizabeth Ziff, the legislation is a step closer to fetal personhood as per wfyi.org report. She further worries that this will in turn place the rights of the fetus or embryo above the rights of the pregnant person.

“Granting legal rights to a fetus or embryo directly or by backdoor policies … brings us one step forward towards criminalizing any behavior that seems to threaten a pregnancy,” said Elizabeth Ziff, in an Indiana Capital Chronicle report.

Further, some opposers argue that the bill is pro-wealthy and ignores mothers from a poor economic background. 



 

MORE ON MARKET REALIST
The coin carries a rare anomaly which makes it even more valuable for collectors.
1 hour ago
Some users did praise the woman for her ethical conduct and said that she would be rewarded one way or the other.
1 day ago
The tiny bag comes along with a microscope that has a digital display for the buyer to see their purchase.
1 day ago
The popular restaurant chain replaced the reward in chicken with a cash prize later on.
1 day ago
Several other consumers also admitted that the said changes were driving them away from Amazon.
2 days ago
The man's son even moved the money to a safe account to stop him from sending more funds to the scammer.
2 days ago
While the good Samaritan could only see the cash, a piece of paper turned out to be more valuable
2 days ago
The cards were collected by his father for an entire lifetime even as he moved from one city to another.
3 days ago
"That's quite a lot for a little box, isn't it?!" one of the guests exclaimed.
3 days ago
Sajak is also set to hit the stage by starring in a play in Hawaii Theatre after his stint on TV.
3 days ago
He made a whopping $195,000, doubling his life savings in under a minute.
3 days ago
A representative of the California State Lottery cited the large number of claims that they process as a reason.
4 days ago
The model of the TV appeared to be a rear projection Samsung HCL552W, which was sold in the US market in 2002.
4 days ago
The man wasn't convinced that he had actually won until he personally turned up to claim the prize.
5 days ago
Walmart introduced the new policy and restrictions after another retailer, Target, did the same.
5 days ago
The collection remained hidden for decades in the vault of a Philadelphia bank, unknown to collectors.
5 days ago
The guest finally sought help from the Reddit community and found some support as well as suggestions.
6 days ago
The user also highlighted the need for better tech at Costco to ensure that people can leave quickly.
6 days ago
The rapper later joked that Taco Bell would have to change its slogan to 'We messed with the bull and got the horns."
7 days ago
The marine pilot from Stafford took less than a second to win the game.
7 days ago