Premiums that generate the credit may not also be deducted
What the document says“No deduction shall be allowed for that portion of the premiums paid or incurred for the taxable year which is equal to that portion of the paid family and medical leave credit which is determined for the taxable year under section 45S(a)(1)(B).”
The section amends section 280C(a) of the Internal Revenue Code of 1986 to point to section 45S(a)(1)(A) and to bar a deduction for the part of the premiums equal to the part of the credit worked out on premiums.
What the document actually says“No deduction shall be allowed for that portion of the premiums paid or incurred for the taxable year which is equal to that portion of the paid family and medical leave credit which is determined for the taxable year under section 45S(a)(1)(B).”
No deduction is given for part of the premiums. That part matches the credit taken on them.
That stops the same cost getting two breaks. The rest of the premium may still be deducted. The tax code is not indexed here.
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