S 1606
Overtime Wages Tax Relief Act
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Bill overview
This bill, the Overtime Wages Tax Relief Act, proposes a new tax deduction for certain overtime compensation received by individuals. Specifically, it allows taxpayers to deduct up to $10,000 (or $20,000 for joint returns) of overtime pay, with a limitation based on modified adjusted gross income. The deduction is not available to itemizers, but it is separate from other deductions and income limitations, meaning it won't reduce the amount of other itemized deductions or the overall tax liability. The law also includes provisions for reporting overtime compensation and adjusting tax withholding procedures.
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