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HR 4699 114th Congress House Taxation Bank accounts, deposits, capital Child care and development Employee benefits and pensions Employee leave Income tax deductions Income tax exclusion Self-employed

Working Parents Flexibility Act of 2016

Introduced: March 3, 2016 See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 3, 2016
Referred to the House Committee on Ways and Means.
Mar 3, 2016
Introduced in House
 Plain-English summary Congressional Research Service

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.

What's happening now March 3, 2016

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1