3.0.0 4699 2023-01-11T13:31:55Z 2023-01-11T13:31:55Z House HR 2016-03-03 114 [Congressional Record Volume 162, Number 35 (Thursday, March 3, 2016)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. KATKO:H.R. 4699.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8, Clause 1 of the U.S. Constitution:The Congress shall have the Power To lay and collect Taxes,Duties, Imposts and Excises, to pay the Debts and provide forthe common Defence and general Welfare of the United States.[Page H1145]]]> hswm00 Ways and Means Committee House Standing Referred to 2016-03-03T14:01:40Z 2016-03-03 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2016-03-03 Introduced in House IntroReferral Intro-H 9 Library of Congress 2016-03-03 Introduced in House IntroReferral 1000 9 Library of Congress K000386 Rep. Katko, John [R-NY-24] John Katko R NY 24 N S001191 Rep. Sinema, Kyrsten [D-AZ-9] Kyrsten Sinema D AZ 9 2016-03-03 True S001196 Rep. Stefanik, Elise M. [R-NY-21] Elise Stefanik R NY M. 21 2016-07-14 False Taxation Bank accounts, deposits, capital Child care and development Employee benefits and pensions Employee leave Income tax deductions Income tax exclusion Self-employed Taxation 00 2016-03-03 Introduced in House 2016-04-01T21:25:46Z 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.

]]> Working Parents Flexibility Act of 2016 Display Title Working Parents Flexibility Act of 2016 Official Title as Introduced To amend the Internal Revenue Code of 1986 to provide for parent savings accounts, and for other purposes. Introduced in House IH Short Titles as Introduced Working Parents Flexibility Act of 2016 Introduced in House 2016-03-03T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr4699ih/xml/BILLS-114hr4699ih.xml 2016-03-03 Referred to the House Committee on Ways and Means. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.