1. Short title This Act may be cited as the Working Parents Flexibility Act of 2017 . 2. Parental leave savings accounts (a) In General Part VII of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by redesignating section 224 as section 225 and by inserting after section 223 the following new section: 224. Parental leave savings accounts (a) Allowance of deduction (1) In general In the case of an individual who is an eligible individual for any month during the taxable year, there shall be allowed as a deduction for the taxable year an amount equal to the aggregate amount paid in cash during such taxable year by such individual to a parental leave savings account of such individual. (b) Limitations (1) Annual limitation for any year The amount allowable as a deduction under subsection (a) to an eligible individual for the taxable year shall not exceed $6,750. (2) Overall limitation The aggregate amounts contributed to a parental leave savings account for all taxable years shall not exceed $24,000. (3) Adjusted gross income limitation In the case of a taxpayer whose adjusted gross income exceeds $250,000 for the taxable year, the dollar limitation under paragraph (1) for such taxable year shall be zero. (4) Denial of deduction to dependents No deduction shall be allowed under this section to any individual with respect to whom a deduction under section 151 is allowable to another taxpayer for a taxable year beginning in the calendar year in which such individual’s taxable year begins. (5) Coordination with employer contributions The limitation which would (but for this paragraph) apply under this subsection to an individual for any taxable year shall be reduced (but not below zero) by the aggregate amount contributed to a parental leave savings account of such individual which is excludable from the taxpayer’s adjusted gross income for such taxable year under section 139G (and such amount shall not be allowed as a deduction under subsection (a)). (c) Eligible individual For purposes of