(The Center Square) – Arizona Republican Congressman David Schweikert introduced legislation aimed at allowing families to deduct certain expenses when they welcome a new child.
The bill would be one-time for “during the taxable year which includes the date of such child’s birth,” according to the legislation’s text. The congressman said that it would encourage people to start families.
“I am proud to introduce the Family Growth and Investment Act to support one of the most important decisions that hardworking Americans can make — to start and grow a family,” Schweikert said in a statement on Tuesday.
“For many parents, the annual costs of the first years of a child’s life can be daunting regardless of how they raise their family. Already, CBO is projecting that by 2042, there will be more deaths than births in the United States. This pro-family legislation will make it easier for Arizonans and Americans everywhere to enjoy one of life’s greatest gifts. I look forward to working with my colleagues to help advance this bill and make the American dream more attainable than ever.”
The deduction would cap at $5,000 for each child and lists “qualified newborn expenses” such as diapers, formula, cribs and strollers. However, the bill said there is a limit of one deduction per child for car seats, strollers, and cribs.
Families who make $100,000 or less would qualify, or up to $200,000 if a family is filing jointly, if the legislation as introduced is passed into law.
Schweikert’s legislation is now bound for the House Committee on Ways and Means, which he sits on.
