Keep Every Extra Penny Act of 2024

Bill: 118-hr-8938
Sponsor: full_name: Rep. Fulcher, Russ [R-ID-1]
Introduced: 2024-07-08
Policy area: Taxation
Latest action: action_date: 2024-07-08
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2024-07-08
action_desc: Introduced in House
text: <p><strong>Keep Every Extra Penny Act of 2024</strong></p><p>This bill excludes from gross income, for income tax purposes, overtime compensation required to be paid by the Fair Labor Standards Act of 1938 (hours of work in excess of 40 in a week).</p>

tv_txt: I 118th CONGRESS 2d Session H. R. 8938 IN THE HOUSE OF REPRESENTATIVES July 8, 2024 Mr. Fulcher 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 exclude overtime compensation from gross income for purposes of the income tax.

1. Short title This Act may be cited as the Keep Every Extra Penny Act of 2024 . 2. Exclusion of overtime compensation from gross income (a) In general Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 139I the following new section: 139J. Overtime compensation Gross income shall not include overtime compensation required under section 7 of the Fair Labor Standards Act of 1938. . (b) Clerical amendment The table of sections for part III of subchapter B of chapter 1 of such Code is amended by inserting after the item relating to section 139I the following new item: Sec. 139J. Overtime compensation. . (c) Effective date The amendments made by this section shall apply to amounts received after the date of the enactment of this Act.