Section 1 Short title
This Act may be cited as the “Keep Every Extra Penny Act of 2024”.
Keep Every Extra Penny Act of 2024
A BILL
To amend the Internal Revenue Code of 1986 to exclude overtime compensation from gross income for purposes of the income tax.
Sec. 2 Exclusion of overtime compensation from gross income
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.”
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:
Effective date— The amendments made by this section shall apply to amounts received after the date of the enactment of this Act.