Working Parents Flexibility Act of 2019
- Last Action
- 3/25/2019
Actions
- 2019-03-25Referred to the House Committee on Ways and Means.
- 2019-03-25Introduced in House
- 2019-03-25Introduced in House
CRS Summary
As of 2019-03-25 (00)
Working Parents Flexibility Act of 2019
This bill allows tax-exempt parental leave savings accounts for the care of a child. An individual 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 to an account. The total contributions to an account for all taxable years may not exceed $24,000. 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.
Cosponsors (1)
- Anthony Brindisi (D-NY)
Subjects
- Bank accounts, deposits, capital
- Child care and development
- Employee benefits and pensions
- Employee leave
- Income tax deductions
- Income tax exclusion
- Self-employed
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.