CT HB05122

Establishes a personal income tax deduction for contributions to family and medical leave benefit accounts (FMLA accounts), effective for taxable years commencing January 1, 2017.

Creates the Connecticut Family and Medical Benefit Trust administered by the State Treasurer to hold and manage FMLA accounts for eligible individuals to save funds for qualified family and medical leave expenses.

Allows depositors to contribute to FMLA accounts for designated beneficiaries on approved job-protected leave under the federal Family and Medical Leave Act of 1993 or state law.

Exempts FMLA account funds from taxation by the state and excludes account assets from consideration when determining eligibility for need-based assistance programs and educational institution aid.

Grants the State Treasurer authority to invest trust funds, establish participation agreements, procure services, and implement regulations to administer the program.