Israel has been mired in political deadlock for months.
With the two largest parties, Likud and Blue and White, unable to form a power-sharing agreement ahead of a Wednesday deadline, lawmakers from the rival sides together tabled the bill.
“Under the exceptional circumstances that have emerged, and after two adjacent election campaigns in which no government was formed, the dissolution of the 22nd Knesset is being proposed,” the bill reads.
Neither Prime Minister Benjamin Netanyahu nor his main rival Benny Gantz have been able to form a coalition government after two inconclusive elections. Polls have predicted the third vote is unlikely to produce dramatically different results.
The legislation is something of a formality. The allotted period for forming a government following September's election expires at midnight on Wednesday. Without a coalition deal, elections would have been automatically triggered later in March.
Each of this year's elections, and their subsequent coalition jockeying, have largely been a referendum on Netanyahu, who was recently indicted for bribery, breach of trust and fraud in three corruption affairs.
Blue and White's Gantz has refused to sit in a Netanyahu-led coalition, citing the long-serving leader's legal troubles. Netanyahu has refused to step down, still overwhelmingly backed by his Likud party and his adoring base.