110 HR 4845 IH: To amend the Internal Revenue Code of 1986 to exclude U.S. House of Representatives 2007-12-19 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 110th CONGRESS 1st Session H. R. 4845 IN THE HOUSE OF REPRESENTATIVES December 19, 2007 Ms. Fallin (for herself, Mrs. Blackburn, Mr. Poe, Mrs. Bachmann, Mr. Walberg, Mr. Reynolds, Mr. Carter, Mr. Burgess, Mr. Franks of Arizona, Ms. Foxx, Mr. Price of Georgia, and Mr. Cole of Oklahoma) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to exclude overtime pay from gross income.

1.

Exclusion of overtime pay from gross income

(a)

In general

Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 (relating to items specifically excluded from gross income) is amended by inserting after section 139A the following new section:

139B.

Overtime pay

(a)

In general

Gross income shall not include any compensation required to be paid under section 7(a) of the Fair Labor Standards Act of 1938 for work in excess of the maximum hours set forth in such section. (b)

Exception for collective bargaining agreements

Subsection (a) shall not apply to any compensation received pursuant to 1 or more collective bargaining agreements between employee representatives and 1 or more employers. (c)

Treatment as wages for employment taxes, etc

Compensation described in subsection (a) shall not fail to be treated as wages for purposes of this title merely because such compensation is excludible from gross income under subsection (a).

. (b)

Clerical amendment

The table of sections for part III of subchapter B of chapter 1 of such Code is amended by inserting after the item relating to section 139A the following new item: Sec. 139B. Overtime pay. . (c)

Effective date

The amendments made by this section shall apply to amounts received after December 31, 2007.