Relating to family medical leave savings accounts; prescribing an effective date.

Permits individual to create family medical leave savings account with financial institution to pay or reimburse qualified beneficiary's wage loss during family medical leave of absence from work. Allows employer or other person to contribute to account. Allows subtraction from account holder's federal taxable income for amounts contributed to family medical leave savings account during each tax year. Exempts from taxation amount of interest and other income earned on account. Allows tax credit for employer or other person to voluntarily contribute funds to account. Provides that withdrawals for unapproved purposes are taxable income to account holder. Applies to tax years beginning on or after January 1, 2018, and before January 1, 2024. Takes effect on 91st day following adjournment sine die.