Newborn tax credit.

Amends the definition of adjusted gross income to remove the additional dependent child exemption of $1,500 in the first taxable year in which an allowed child is claimed. Establishes a refundable tax credit for newborn children, which an eligible taxpayer may claim only in the first taxable year in which a particular newborn child is eligible for the exemption allowed under specified provisions of the Internal Revenue Code. Defines "eligible taxpayer".