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Sinema, Katko Introduce Legislation to Help Arizonans Prepare, Save for Parenthood

 
 
Washington, D.C. – Congresswoman Kyrsten Sinema (AZ-09) and Congressman John Katko (NY-24) recently introduced bipartisan legislation to help Arizona families prepare and save for parenthood.
 
The Working Parents Flexibility Act allows an individual and his/her employer to contribute pre-tax income to a Parental Leave Savings Account, similar to a health savings account. Earnings on the account are not taxed and can be withdrawn tax-free by the owner during the first year of parenthood.
 
“Too many hardworking Arizona parents are forced to return to work during the critical early months of parenthood because they simply can’t afford to take unpaid time off,” said Congresswoman Sinema. “The Working Parents Flexibility Act is a responsible, commonsense solution that helps Arizonans prepare and save for parenthood. This bill strengthens our economy and helps Arizona families get ahead.”
 
Funds contributed to the Parental Leave Savings Account can also be rolled tax-free into a retirement or college savings account, but would face a tax penalty if withdrawn for other purposes.