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AL SB137
Bill
AI Summary
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Amends Section 40-18-14 of the Alabama Code to exclude overtime compensation from state income tax gross income calculations.
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Exempts amounts received by full-time hourly wage-paid employees as compensation for work performed in excess of 40 hours per week from gross income taxation.
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Applies to all tax years beginning after December 31, 2023, with an effective date of January 1, 2024.
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Authorizes the Department of Revenue to adopt rules for administering the overtime income exclusion provisions.
Legislative Description
Relating to gross income; to amend Section 40-18-14, Code of Alabama 1975; to exclude hours worked above 40 in any given week from gross income.
Overtime wages, excluded from gross income
Last Action
Introduced and Referred to Senate Finance and Taxation Education
3/23/2023