The main purpose of this legislation, known as the Overtime Wages Tax Relief Act, is to provide a tax deduction for certain overtime payments received by individuals. The goal is to ease the financial burden on workers who earn overtime pay, making it more beneficial for them to work extra hours. Key provisions of the legislation include allowing individuals to deduct up to 0,000 of overtime compensation from their taxable income, or up to $20,000 for those filing jointly. However, this deduction is subject to a phase-out based on income levels.