Bill > HR9799

This bill, the Overtime Pay Tax Relief Act of 2024, would amend the Internal Revenue Code to establish a deduction for certain overtime pay. The key provisions of the bill are: 1. It allows individuals to deduct up to 20% of their overtime compensation (as defined under the Fair Labor Standards Act) from their taxable income, subject to income limits of $200,000 for married couples filing jointly, $150,000 for heads of household, and $100,000 for other individuals. 2. The deduction is available to both itemizers and non-itemizers, and is not subject to the limitations on miscellaneous itemized deductions or the overall limitation on itemized deductions. 3. The IRS is required to modify tax withholding tables and procedures to account for this new deduction. 4. The deduction would be in effect for amounts received after the date of enactment and would terminate for amounts received after December 31, 2029.