To amend the Internal Revenue Code of 1986 to establish a deduction for certain overtime payments.
Overtime Pay Tax Relief Act of 2024
This bill allows an itemized deduction for overtime compensation received by an individual, subject to income limitations, through 2029. The amount of the itemized deduction may not exceed 20% of the individual’s regular wages from the same employer. Further, the itemized deduction is not allowed for individuals with income exceeding $100,000 (or $150,000 for heads of the household and $200,000 for married couples filing a joint return).
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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