Like Causes?

Install the App
TRY NOW

house Bill H.R. 4699

Working Parents Flexibility Act of 2016

Bill Details

Official information provided by the Congressional Research Service. Learn more or make a suggestion.
The Congressional Research Service writes summaries for most legislation. These summaries are listed here. Causes will update some legislation with a revised summary, title or other key elements.

Suggest an update to this bill using our form.

Title

Working Parents Flexibility Act of 2016

Official Title

To amend the Internal Revenue Code of 1986 to provide for parent savings accounts, and for other purposes.

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.

bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
  • The house has not voted
      house Committees
      Committee on Ways and Means
    IntroducedMarch 3rd, 2016
    We need to strive for paid parental leave, anything less will keep us behind compared to the world. This is a family matter that needs to be supported by our government, it would allow the economy to grow and the family unit to thrive. It would not harm companies and their wants should not be put above the people.
    Like
    Follow
    Share