A bill to amend the Internal Revenue Code of 1986 to enhance the paid family and medical leave credit, and for other purposes.

Hozzl · 2024-01-31T05:15:32Z

Explore the details of Senate Bill 3680 A bill to amend the Internal Revenue Code of 1986 to enhance the paid family and medical leave credit, and for other purposes. currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on undefined. Stay informed on legislative developments.

1/31/2024, 5:15 AM

Summary of Bill S 3680

Bill 118 s 3680, also known as the Paid Family and Medical Leave Enhancement Act, aims to make changes to the Internal Revenue Code of 1986 in order to improve the paid family and medical leave credit. This credit is designed to provide financial assistance to employers who offer paid leave to their employees for family or medical reasons.

The bill proposes several key enhancements to the existing credit. Firstly, it seeks to increase the maximum amount of the credit that employers can claim for providing paid family and medical leave to their employees. This increase would make it more financially feasible for businesses to offer this important benefit to their workers.

Additionally, the bill includes provisions to expand the types of leave that qualify for the credit. This would allow employers to claim the credit for a wider range of family and medical leave situations, providing more flexibility and support for employees who need time off for personal or family health reasons. Overall, the Paid Family and Medical Leave Enhancement Act aims to incentivize employers to offer paid leave to their employees by making it more financially attractive to do so. By enhancing the existing credit and expanding its scope, the bill seeks to promote a healthier work-life balance for American workers and their families.

Congressional Summary of S 3680

Paid Family and Medical Leave Tax Credit Extension and Enhancement Act

This bill modifies the employer tax credit for paid family and medical leave.

Specifically, the bill (1) makes such credit permanent, (2) allows the credit in states or localities that either mandate or do not mandate paid family and medical leave, (3) allows employers to claim the credit for a portion of their paid family leave insurance premiums, (4) reduces the minimum employment period eligibility requirement, and (5) requires the Small Business Administration and the Internal Revenue Service to conduct targeted outreach to employers and other relevant parties regarding the availability and requirements of the credit.

Current Status of Bill S 3680

Bill S 3680 is currently in the status of Bill Introduced since January 30, 2024. Bill S 3680 was introduced during Congress 118 and was introduced to the Senate on January 30, 2024. Bill S 3680's most recent activity was Read twice and referred to the Committee on Finance. as of January 30, 2024