summary
Introduced
07/08/2024
07/08/2024
In Committee
07/08/2024
07/08/2024
Crossed Over
Passed
Dead
01/03/2025
01/03/2025
Introduced Session
118th Congress
Bill Summary
A BILL To amend the Internal Revenue Code of 1986 to exclude overtime compensation from gross income for purposes of the income tax.
AI Summary
This bill, the Keep Every Extra Penny Act of 2024, proposes to amend the Internal Revenue Code to exclude overtime compensation from gross income for the purposes of federal income tax. Specifically, it would create a new section (139J) that states "Gross income shall not include overtime compensation required under section 7 of the Fair Labor Standards Act of 1938." This change would apply to amounts received after the bill's enactment, effectively allowing workers to keep their full overtime pay without having to pay federal income tax on those earnings.
Committee Categories
Budget and Finance
Sponsors (7)
Russ Fulcher (R)*,
Lauren Boebert (R),
Jeff Duncan (R),
Brett Guthrie (R),
Clay Higgins (R),
Michael Rulli (R),
Derrick Van Orden (R),
Last Action
Referred to the House Committee on Ways and Means. (on 07/08/2024)
Bill Topics
Labor and Employment
- ‐ Fair Labor Standards
Macroeconomics
- ‐ Taxation, Tax Policy, and Tax Reform
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.congress.gov/bill/118th-congress/house-bill/8938/all-info | 07/09/2024 |
| BillText | https://www.congress.gov/118/bills/hr8938/BILLS-118hr8938ih.pdf | 08/14/2024 |
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