H.R.2533 - Working Parents Flexibility Act of 2017115th Congress (2017-2018)
|Sponsor:||Rep. Katko, John [R-NY-24] (Introduced 05/18/2017)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 05/18/2017 Referred to the House Committee on Ways and Means. (All Actions)|
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Summary: H.R.2533 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in House (05/18/2017)
Working Parents Flexibility Act of 2017
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.