Paid Family and Medical Leave Credit
A new tax credit is available for employers who provide paid family and medical leave to their employees. Eligible employers may claim the credit, which is equal to a percentage of wages they pay to qualifying employees while they’re on family and medical leave. The credit is generally 12.5% to 25% of paid family and medical leave and is available for wages paid in taxable years beginning after December 31, 2017, and before January 1, 2020.
Wages paid to qualifying employees as well as other specific criteria must be met to qualify for this employer credit. For more information, please contact your tax preparer.