Working Parents Flexibility Act of 2017

Summary

Working Parents Flexibility Act of 201 7 This bill amends the Internal Revenue Code to establish a tax-exempt parental leave savings account for the care of a child, to which an individual taxpayer who has earned income from employment during the past 12 months may make tax deductible cash contributions of up to $6,750 in a taxable year and not more than an aggregate of  $24,000 for all taxable years. Taxpayers whose adjusted gross income exceeds $250,000 in a taxable year are ineligible for such a tax deduction. The bill excludes from gross income: (1) distributions from a parental leave savings account that are made not later than one year after the birth or adoption of a child of an account holder, and (2) contributions made by an employer to the parental leave savings account of an employee.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 18 May 2017

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• Introduced in House (PDF)

  Introduced in House · EN · 18 May 2017

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• Introduced in House

  summary · EN · 18 May 2017

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