H.R. 4653 — First-Time Parents Tax Credit Act

This section establishes a First-Time Parents Tax Credit of $1,250 ($2,500 if two eligible new parents file jointly) allowable against income tax for a taxpayer who has not previously claimed the credit and is the parent of a qualifying child (as defined in IRC §152(c), i.e., generally a dependent child under age 19 or 24 if a student) born or adopted during the taxable year—or, for a non-custodial parent (i.e., named on the birth certificate but unable to claim the child as a qualifying child that year), born or adopted in the prior taxable year. The credit applies to taxable years beginning after December 31, 2025.