,,ii  #aai? ,,congress  #a/ ,session    
,s4 #afjf  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,may #f1 #bjbe ,mr4    
,m>%all 7= himself1 ,mr4 ,tub]ville1    
,mr4 ,ricketts1 & ,mr4 ,ju/ice7         
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to e/abli% a      
d$uction = c]ta9 ov]time paym5ts4  #a4  
,%ort title  ,?is ,act may be cit$ z !  
,ov]time ,wages ,tax ,relief ,act4  #b4 
,d$uction = ov]time comp5sation  7a7  ,9
 g5]al  7#a7  ,d$uction all[$  ,"p ,,vii
 ( sub*apt] ,b ( *apt] #a ( ! ,int]nal  
,rev5ue ,code ( #aihf is am5d$ by       
r$esignat+ section #bbd z section #bbe &
 by ins]t+ aft] section #bbc ! foll[+   
new section3  #bbd4  ,ov]time           
comp5sation  7a7  ,9 g5]al  ,!re %all be
 all[$ z a d$uction an am\nt equal to s 
mu* ( any ov]time comp5sation receiv$ by
 an individual z does n exce$ #aj1jjj   
7#bj1jjj 9 ! case ( a jo9t return7 = !  
taxable ye>4  7b7  ,limitation  ,! am\nt

 ( ! d$uction all[able "u subsection 7a7
 %all be r$uc$ 7b n bel[ z]o7 by #ej =  
ea* #a1jjj 7or fraction !re(7 by :i* !  
taxpay]'s modifi$ adju/$ gross income   
exce$s #ajj1jjj 7#bjj1jjj 9 ! case ( a  
jo9t return74 ,= purposes ( ! prec$+    
s5t5ce1 ! t]m modifi$ adju/$ gross      
income means adju/$ gross income        
increas$ by any am\nt exclud$ f gross   
income "u section #iaa1 #ica1 or #icc4  
7c7  ,ov]time comp5sation  ,= purposes (
 ?is section1 ! t]m ov]time comp5sation 
means comp5sation t is paid to a        
taxpay]--  7#a7 at a rate ( n less ?an  
"o & "o-half times ! regul> rate at :i* 
! taxpay] is employ$1 &  7#b7 = "w = a  
s+le employ] t is 9 excess ( a maximum  
numb] ( h\rs ( su* "w = a specifi$ p]iod
 ( "t z requir$ pursuant to--  7,a7     
section #g ( ! ,fair ,labor ,/&>ds ,act 
( #aich1 or  7,b7 an agreem5t t-- 7i7 is
 a collective b>ga9+ agreem5t or an     
agreem5t or und]/&+ arriv$ at betwe5 !  
employ] & ! employee be=e p]=mance ( !  
"w1 &  7ii7 provides t su* maximum numb]

 ( h\rs = a specifi$ p]iod ( "t is n    
less ?an #dj h\rs = a #g-;day "w p]iod4 
7d7  ,regulations  ,! ,secret>y %all    
provide su* regulations or o!r guidance 
z may be necess>y to c>ry out ?is       
section4  4  7#b7  ,con=m+ am5dm5t  ,!  
table ( sections = "p ,,vii ( sub*apt]  
,b ( *apt] #a ( su* ,code is am5d$ by   
r$esignat+ ! item relat+ to section #bbd
 z relat+ to section #bbe & by ins]t+   
aft] ! item relat+ to section #bbc !    
foll[+ new item3  ,sec4 #bbd4 ,ov]time  
paym5ts4  4  7b7  ,d$uction all[$ to    
non-,itemiz]s  ,section #fc7;b7 ( !     
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by /rik+ & at ! end ( p>agraph 7#c71 by 
/rik+ ! p]iod at ! end ( p>agraph 7#d7 &
 ins]t+ &1 & by add+ at ! end ! foll[+  
new p>agraph3  7#e7 ! d$uction provid$ 9
 section #bbd4  4  7c7 ,non-,application
 ( c]ta9 limitations = itemiz]s  7#a7   
,d$uction n treat$ z a miscellane\s     
itemiz$ d$uction ,section #fg7;b7 ( !   
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by /rik+ & at ! end ( p>agraph 7#aa71 by

 /rik+ ! p]iod at ! end ( p>agraph 7#ab7
 & ins]t+ 1 &1 & by add+ at ! end !     
foll[+ new p>agraph3  7#ac7 ! d$uction  
"u section #bbd 7relat+ to ov]time      
comp5sation74  4  7#b7  ,d$uction n tak5
 into acc\nt "u ov]all limitation       
,section #fh7;c7 ( ! ,int]nal ,rev5ue   
,code ( #aihf is am5d$ by /rik+ & at !  
end ( p>agraph 7#b71 by /rik+ ! p]iod at
 ! end ( p>agraph 7#c7 & ins]t+ 1 &1 &  
by add+ at ! end ! foll[+ new p>agraph3 
7#d7 ! d$uction "u section #bbd 7relat+ 
to ov]time comp5sation74  4  7d7        
,report+  ,section #fjea7;a7 ( !        
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by /rik+ & at ! end ( p>agraph 7#af71 by
 /rik+ ! p]iod at ! end ( p>agraph 7#ag7
 & ins]t+ 1 &1 & by ins]t+ aft] p>agraph
 7#ag7 ! foll[+ new p>agraph3  7#ah7 !  
total am\nt ( ov]time comp5sation z     
def9$ 9 section #bbd7;b74  4  7e7       
,)hold+  ,! ,secret>y ( ! ,treasury 7or 
! ,secret>y's delegate7 %all modify !   
tables & proc$ures prescrib$ "u section 
#cdjb7;a7 ( ! ,int]nal ,rev5ue ,code (  

#aihf to take into acc\nt ! d$uction    
all[$ "u section #bbd ( su* ,code 7z    
add$ by ?is ,act74  7f7  ,effective date
  ,! am5dm5ts made by ?is section %all  
apply to taxable ye>s beg9n+ aft]       
,decemb] #ca1 #bjbe4