TAX/INCOME-INDIV/EXEMPT: Authorizes an income tax deduction for certain taxpayers' overtime compensation (OR DECREASE GF RV See Note)

HB 194 would allow individual taxpayers to deduct a portion of their overtime earnings from their taxable income. Specifically, it authorizes a deduction for overtime compensation, capped at $5,000 per year. This change directly affects individual taxpayers who earn overtime pay and file state income tax returns. The bill modifies existing tax rules to provide this deduction, reducing the taxable income subject to state tax. The deduction applies to overtime compensation only, not regular wages.