• Public

  • Public
  • Network
  • Groups
  • Featured
  • Popular
  • People

MCG24304 RR7 S.L.C. 3 1 ing “and” at the end of paragraph (11), by striking 2 the period at the end of paragraph (12) and insert- 3 ing “, and”, and by adding at the end the following 4 new paragraph: 5 “(13) the deduction under section 224 (relating 6 to cash tips).”. 7 (2) DEDUCTION NOT TAKEN INTO ACCOUNT 8 UNDER OVERALL LIMITATION.—Section 68(c) of the 9 Internal Revenue Code of 1986 is amended by strik- 10 ing “and” at the end of paragraph (2), by striking 11 the period at the end of paragraph (3) and inserting 12 “, and”; and by adding at the end the following new 13 paragraph: 14 “(4) the deduction under section 224 (relating 15 to cash tips).”. 16 (d) WirtHHOLDING.—The Secretary of the Treasury 17 (or the Secretary’s delegate) shall modify the tables and 18 procedures preseribed under section 3402(a) of the Inter- 19 nal Revenue Code of 1986 to take into account the deduc- 20 tion allowed under section 224 of such Code (as added 21 by this Act). 29, (e) EFFECTIVE DATE.—The amendments made by 23 this section shall apply to taxable years beginning after 24 December 31, 2024.