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-31- SHORT TITLE SECTION 17. This title may be cited as the "Air Line Pilots' Retirement Act". TITLE II SECTION 201. The Internal Revenue Code, as mended, is further amended hereby adding, after subchapter B of chapter 9, a new subchapter to be known as subchapter B-1, to read as follows: "SUBCHAPTER B-1 (AIR LINE PILOTS' RETIREMENT CONTRIBUTIONS ACT" EMPLOYMENT OF PILOTS. "PART I. -- TAX ON PILOTS. "SECTION 1550. RATE OF TAX. "In addition to other taxes there shall be levied, collected, and paid form the income of every pilot, a tax equal to ten per centum of so much of the compensation, paid to such pilot after December 31, 1947, as does not exceed $12,000 in any calendar year. "SECTION 1551. DEDUCTION OF TAX FROM WAGES "(a) REQUIREMENT.-- The tax imposed by section 1550 shall be collected by the employer of the the taxpayer, by deducting the amount of the tax from the compensation as and when paid. "(b) INDEMNIFICATION OF EMPLOYER.-- Every employer required so to deduct the tax shall be liable for the payment of such tax, and shall be indemnified against the claims and demands of any person for the amount of any such payment made by such employer. "(c) ADJUSTMENTS.-- If more or less than the correct amount of tax imposed by section 1550 is paid with respect to any payment of remuneration, proper adjustments, with respect both to the tax and the amount to be