118 HR 8938 IH: Keep Every Extra Penny Act of 2024 U.S. House of Representatives 2024-07-08 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I118th CONGRESS2d SessionH. R. 8938IN THE HOUSE OF REPRESENTATIVESJuly 8, 2024Mr. Fulcher introduced the following bill; which was referred to the Committee on Ways and MeansA BILLTo 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.