1. Short title This Act may be cited as the Support Working Families Act . 2. Parental Leave Tax Credit (a) In general Subpart C of part IV of subchapter A of chapter 1 of subtitle A of the Internal Revenue Code of 1986 is amended by inserting after section 36B the following new section: 36C. Parental Leave Credit (a) Allowance of credit (1) In general There shall be allowed as a credit against the tax imposed by this subtitle for the taxable year an amount equal to the sum of— (A) the current year parental leave credit, plus (B) the parental leave credit carryback carried to such taxable year. (2) Current year parental leave credit (A) In general Subject to subparagraphs (B) and (C), the amount of the current year parental leave credit for the taxable year shall be equal to the product of— (i) the total number of weeks of parental leave taken during the benefit period by an individual described in subsection (c)(1)(A) which are completed within such taxable year, multiplied by (ii) an amount equal to the replacement percentage (as determined for each week of parental leave pursuant to subsection (b)(1)) of the average weekly wage rate for such individual. (B) Limitation The current year parental leave credit for any taxable year shall not exceed the lesser of— (i) an amount equal to— (I) the amount determined under subparagraph (A) (determined as if the replacement percentage were 100 percent), minus (II) an amount equal to the sum of any paid parental or medical leave benefits which are provided to the individual for any weeks included under clause (i) of such subparagraph— (aa) pursuant to any law or plan of a State or a political subdivision thereof, or (bb) by the employer of such individual, or (ii) $6,000. (C) Reduction in benefit amount on account of receipt of certain benefits The current year parental leave credit for any taxable year (after application of subparagraph (B)) shall be reduced by the amount, if any, in certain benefits as may be otherwise received by an individual for any weeks included