[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5666 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 5666

   To amend the Internal Revenue Code of 1986 to increase the earned 
  income tax credit to taxpayers who exceed 40 hours of wage work per 
                                 week.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 31, 2008

Ms. Velazquez 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 increase the earned 
  income tax credit to taxpayers who exceed 40 hours of wage work per 
                                 week.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Overtime Restoration Act of 2008''.

SEC. 2. EITC INCREASED BY WEEKLY OVERTIME BONUS.

    (a) In General.--Subsection (a) of section 32 of the Internal 
Revenue Code of 1986 (relating to allowance of credit) is amended by 
adding at the end the following new paragraph:
            ``(3) Increase by weekly overtime bonus.--
                    ``(A) In general.--The amount allowed as a credit 
                under paragraph (1) (after the application of paragraph 
                (2)) shall be increased by the amount so allowed 
                multiplied by the weekly overtime bonus.
                    ``(B) Weekly overtime bonus.--For purposes of 
                subparagraph (A), the weekly overtime bonus is 1 
                percentage point for each week in the taxable year for 
                which the individual received earned income described 
                in subsection (c)(A)(i) for work of more than 40 hours 
                of service (within the meaning of section 
                410(a)(3)(C)).
                    ``(C) Special rule for joint returns.--In the case 
                of a joint return, subparagraph (A) shall be applied 
                separately to the taxpayer and the taxpayer's spouse.
                    ``(D) Regulations.--The Secretary shall prescribe 
                such regulations as may be necessary to prevent the 
                abuse of the purposes of this paragraph.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 2008.
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