Working Parents Flexibility Act of 2016

Summary

Working Parents Flexibility Act of 2016 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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Timeline

1. 3 March 2016

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 3 March 2016

   Introduced

   Introduced in House

   Source: IntroReferral

3. 3 March 2016

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 3 March 2016 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 3 March 2016

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 3 March 2016

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 3 March 2016

  Open at official source

Sponsors

• John Katko · R · Sponsor
• Kyrsten Sinema · D · Sponsor
• Elise Stefanik · R · Cosponsor
• · hswm00 · Standing

Related records

• related to → Working Parents Flexibility Act of 2017