Bill > S4310

This bill, titled the "No Tax on Overtime for All Workers Act," proposes to amend the Internal Revenue Code of 1986 to allow a deduction for certain overtime compensation. Specifically, it defines "qualified overtime compensation" to include overtime pay that is in excess of an employee's regular hourly rate, as mandated by the Fair Labor Standards Act of 1938, or other compensation paid above the regular rate for work performed under an agreement with the employer that exceeds standard work hours, which must be at least 40 hours in a 7-day period, or for employees covered by the Railway Labor Act, work beyond scheduled or anticipated duty hours or exceeding maximum duty hours as agreed upon. This change would apply to taxable years beginning after December 31, 2024.