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Working Parents Flexibility Act of 2016
To amend the Internal Revenue Code of 1986 to provide for parent savings accounts, and for other purposes.
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.
- Not enactedThe President has not signed this bill
- The senate has not voted
- The house has not voted
Committee on Ways and MeansIntroducedMarch 3rd, 2016
- house Committees