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US SB1046
Bill
AI Summary
- Excludes overtime compensation from federal gross income for income tax purposes
- Applies specifically to overtime pay required under Section 7 of the Fair Labor Standards Act of 1938 (time-and-a-half pay for hours worked beyond 40 per week)
- Amends the Internal Revenue Code of 1986 by adding new Section 139J
- Takes effect for overtime amounts received after the date of enactment
- Introduced by Senator Hawley on March 13, 2025 and referred to the Senate Finance Committee
Legislative Description
No Tax On Overtime Act of 2025
Taxation
Last Action
Read twice and referred to the Committee on Finance.
3/13/2025
Committee Referrals
Finance3/13/2025
Full Bill Text
No bill text available