SB 29

Bill Subjects

Agencies; Department Of Insurance (Idoi) Boards, Commissions, And Councils; Budget Committee General Assembly; Legislative Council Insurance; Generally Labor And Employment; Collective Bargaining, Benefits, And Wages Taxes; Adjusted Gross Income Taxes

Abstract

Requires the department of insurance (department) to establish, not later than January 1, 2026, a voluntary family leave insurance program (program) for the purpose of providing benefits to employees who elect to participate in the program. Sets forth requirements for the program. Allows the department to contract with an outside vendor to administer the program. Requires the department, not later than November 1, 2025, to submit a report to the legislative council and the budget committee concerning the proposed program. Establishes the voluntary family leave insurance program trust fund (trust fund) for the purpose of paying program benefits. Provides that the trust fund consists of employer or employee contributions, appropriations from the general assembly, and money received from any other source. Provides that certain employers are entitled to an adjusted gross income tax deduction equal to the total amount of contributions made by the employer to the trust fund during the taxable year multiplied by 200%.