Rarely do human resources professionals and employment lawyers contribute to an employer’s bottom line. But the new federal tax credit for employer-provided paid family and medical leave offers a unique opportunity to do just that and help reduce your company’s tax liability. The recently-enacted Tax Cuts and Jobs Act provides a tax credit to employers that voluntarily offer paid family and medical leave. Our Jackson Lewis colleagues in the Benefit Law practice group recently summarized this new law. We have taken it a step further and created a Paid Leave Tax Credit Calculator for employers to quickly estimate the potential tax savings their voluntary paid leave programs can generate. Remember that this law provides a tax credit; that means it’s a dollar-for-dollar reduction in the company’s income tax obligation.
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