An AI model extracted this from the bill’s official record and can make mistakes. Check the official text ↗ (opens in new tab)

Internal Revenue Code of 1986

The collection of all tax laws in the United States, updated and amended over time, that determines how the federal government collects taxes.

Tax Credit

A direct reduction in the amount of tax owed, dollar for dollar. Unlike a tax deduction, which reduces taxable income, a credit directly reduces the tax bill.

Paid Family and Medical Leave

A workplace benefit that allows employees to take paid time off from work for specific family or medical reasons, such as caring for a newborn or adopted child, a seriously ill family member, or their own serious health condition.

Taxable Year

The 12-month period for which an individual or business files an income tax return. For most individual taxpayers, this is the calendar year (January 1 to December 31).

Section 45S

A specific part of the Internal Revenue Code that currently allows employers to claim a tax credit for providing paid family and medical leave.