110 HR 5666 IH: Overtime Restoration Act of U.S. House of Representatives 2008-03-31 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 2d Session H. R. 5666 IN THE HOUSE OF REPRESENTATIVES March 31, 2008 Ms. Velázquez 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.

1.

Short title

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

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.