Monday, December 9, 2019

Cunningham signs on to bill to advance tax credits for new parents

Parents can receive up to $5,000 advance in tax credit

Posted by Heath Ellison on Mon, Dec 9, 2019 at 10:52 AM

click to enlarge The tax credit has received bipartisan support in congress and the senate - RUTA SMITH FILE
  • Ruta Smith file
  • The tax credit has received bipartisan support in congress and the senate
Last week, U.S. Rep. Joe Cunningham helped introduce legislation that will help support parents in the first year of their child’s birth or adoption. On Dec. 4, the Advancing  Support for Working Families Act was announced among bipartisan support in Congress.

The act would allow families to advance their $5,000 tax credit in the first year of a child’s life or in the first year a family adopts a child. The advanced credit is meant to provide the cost of leave, day care, baby supplies, and other expenses common for new parents.

"The birth or adoption of a child should be one of the most joyous times in a parent's life. Instead, millions of Americans are forced to worry about how they'll afford to take time off or pay for child care when they go back to work," Cunningham said in a statement. "That’s why I’m proud to support this important legislation that provides hard working Lowcountry families with the flexibility and support they need during the critical first year of their child’s birth or adoption."

In 2017, the Tax Cuts and Jobs Act doubled the child tax credit. This allows parents to claim up to $2,000 for each child under 17 years-of-age. The Advancing Support for Working Families Act does not provide additional paid leave or job security for new parents.

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