Rep. Jeong Ilyoung Proposes Tax Deductions and Paid Leave for Marriage

Proposal of Three-Bill Newlywed Life Stability Package
Introduction of Marriage Tax Deduction and Housing Loan Interest Deduction

As more people are delaying marriage due to increasing social and economic burdens such as housing costs, wedding expenses, and preparing a newlywed home, the National Assembly has taken steps to establish a legal basis to support the stability of newlywed couples' lives.

On March 26, Assemblyman Jeong Ilyoung of the Democratic Party of Korea announced that he had sponsored the "Three-Bill Package for Newlywed Couples’ Life Stability," which includes provisions for marriage tax credits, housing cost support, and the introduction of paid marriage preparation leave.

The three-bill package focuses on alleviating the structural burdens that newlywed couples face while preparing for marriage and starting a new life together.

First, the proposed amendment to the Special Act on Public Housing requires that criteria for supplying housing to newlywed couples be subdivided to reflect factors such as marriage rates, birth rates, and regional housing cost levels. It also mandates the government to report supply standards and results to the National Assembly. The intention is to enable the National Assembly to continually monitor whether the housing support system for newlyweds properly reflects reality.

The proposed amendment to the Income Tax Act centers on introducing a new annual tax credit of 1 million won for two years after marriage, as well as tax credits for interest on jeonse (lump-sum lease) and mortgage loans.

The proposed amendment to the Labor Standards Act establishes the basis for providing five days of paid marriage preparation leave, ensuring that engaged couples have enough time to prepare for their wedding, move residences, and complete various administrative procedures. The significance lies in enabling couples to take care of banking or public administrative work on weekdays in connection with preparing or moving into a newlywed home. It also aims to guarantee time to use services from so-called "Studio, Dress, Makeup" companies, considered an essential step in preparing for a wedding.

If the bills are passed, Assemblyman Jeong expects that engaged couples will be able to secure the necessary time to prepare for marriage and, after marriage, reduce both tax and housing cost burdens, thereby starting their newlywed life with greater stability.

Assemblyman Jeong stated, "It is the responsibility of politics not just to tell the younger generation to get married, but to actually create conditions in which marriage is possible," adding, "There must be tangible support that newlywed couples can truly feel, so that society can move forward where no one gives up on marriage or childbirth. I will change the system so that marriage is not a disadvantage but a new beginning."

This content was produced with the assistance of AI translation services.