; or , and by inserting after paragraph (22) the following new paragraph: (23) any payment made to a parental leave savings account (as defined in section 224) of an employee. . (E) Section 6051(a) of such Code is amended by striking and at the end of paragraph (13), by striking the period at the end of paragraph (14) and inserting , and , and by inserting after paragraph (14) the following new paragraph: (15) the amount contributed to any parental leave savings account (as defined in section 224) of such employee. . (d) Prohibited transactions (1) Exception for taxable distributions from parental leave savings accounts Subsection (c) of section 4975 of such Code (defining to prohibited transaction) is amended by adding at the end the following new paragraph: (7) Special rule for parental leave savings accounts An individual for whose benefit a parental leave savings account (with the meaning of section 224) is established and any contributor to such account shall be exempt from the tax imposed by this section with respect to any transaction concerning such account (which would otherwise be taxable under this section) if, with respect to such transaction, the account ceases to be a parental leave savings account by reason of the application of section 224(f)(2) to such account. . (2) Plan defined Section 4975(e)(1) of such Code is amended by striking or at the end of subparagraph (F), by redesignating subparagraph (G) as subparagraph (H), and by inserting after subparagraph (F) the following new subparagraph: (G) a parental leave savings account described in section 224, or . (e) Penalty on failure To report Section 6693(a)(2) of such Code is amended by striking and at the end of subparagraph (D), by striking the period at the end of subparagraph (E) and inserting , and , and by inserting after subparagraph (E) the following new subparagraph: (F) section 224(g) (relating to parental leave savings accounts). . (f) Conforming amendment Section 26(b)(2) of such Code is amended by striking and at the end of