The "Supporting Newborn Parents Act of 2026" establishes a new federal tax credit designed to provide financial support to families with newborns. This legislation amends the Internal Revenue Code to create a newborn tax credit of $2,000 for each qualifying child born during a taxable year. Taxpayers have the option to claim this credit for the year of the child's birth or, at their election, for the preceding taxable year. A key feature of this credit is the provision for advance payment . Taxpayers can elect to receive the credit amount as an early payment from the Treasury within six weeks of their child's birth, facilitated by information collected during the Social Security number application process. The credit is subject to an income-based phaseout, reducing the amount by $50 for every $1,000 by which modified adjusted gross income exceeds a specified threshold, and it cannot exceed 20 percent of the taxpayer's earned income. To ensure transparency and ease of access, the bill mandates that the Secretary of the Treasury provide plain language guidance to assist parents in understanding the credit's elections, estimating income, and the reconciliation process for advance payments. Furthermore, an online portal will be established to offer this information and allow taxpayers to make advance payment elections. The $2,000 credit amount will also be adjusted annually for inflation starting after 2026, and the amendments will apply to taxable years beginning after December 31, 2025.