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    (DAILY CALLER OBTAINED) - .Fulche-020-Xml

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    (DAILY CALLER OBTAINED) - .Fulche-020-Xml

    Uploaded by

    Henry Rodgers
    10K views2 pages
    (DAILY CALLER OBTAINED) -- B25BFFDF143E44E84DFB667A43133C38.fulche-020-xml

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    (DAILY CALLER OBTAINED) -- B25BFFDF143E44E84DFB667A43133C38.fulche-020-xml

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    10K views2 pages

    (DAILY CALLER OBTAINED) - .Fulche-020-Xml

    Uploaded by

    Henry Rodgers
    (DAILY CALLER OBTAINED) -- B25BFFDF143E44E84DFB667A43133C38.fulche-020-xml

    Copyright:

    © All Rights Reserved
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    of 2

    G:\M\18\FULCHE\FULCHE_020.

    XML

    .....................................................................
    (Original Signature of Member)

    H. R. ll
    118TH CONGRESS
    2D SESSION

    To amend the Internal Revenue Code of 1986 to exclude overtime


    compensation from gross income for purposes of the income tax.

    IN THE HOUSE OF REPRESENTATIVES

    Mr. FULCHER introduced the following bill; which was referred to the
    Committee on llllllllllllll

    A BILL
    To amend the Internal Revenue Code of 1986 to exclude
    overtime compensation from gross income for purposes
    of the income tax.

    1 Be it enacted by the Senate and House of Representa-


    2 tives of the United States of America in Congress assembled,
    3 SECTION 1. SHORT TITLE.

    4 This Act may be cited as the ‘‘Keep Every Extra


    5 Penny Act of 2024’’.

    g:\V\G\070224\G070224.013.xml (933468|3)
    July 2, 2024 (1:15 p.m.)
    VerDate Nov 24 2008 13:15 Jul 02, 2024 Jkt 000000 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 C:\USERS\MFSRIBINDER\APPDATA\ROAMING\SOFTQUAD\XMETAL\11.0\GEN\C\FULCHE
    G:\M\18\FULCHE\FULCHE_020.XML

    2
    1 SEC. 2. EXCLUSION OF OVERTIME COMPENSATION FROM

    2 GROSS INCOME.

    3 (a) IN GENERAL.—Part III of subchapter B of chap-


    4 ter 1 of the Internal Revenue Code of 1986 is amended
    5 by inserting after section 139I the following new section:
    6 ‘‘SEC. 139J. OVERTIME COMPENSATION.

    7 ‘‘Gross income shall not include overtime compensa-


    8 tion required under section 7 of the Fair Labor Standards
    9 Act of 1938.’’.
    10 (b) CLERICAL AMENDMENT.—The table of sections
    11 for part III of subchapter B of chapter 1 of such Code
    12 is amended by inserting after the item relating to section
    13 139I the following new item:
    ‘‘Sec. 139J. Overtime compensation.’’.

    14 (c) EFFECTIVE DATE.—The amendments made by


    15 this section shall apply to amounts received after the date
    16 of the enactment of this Act.

    g:\V\G\070224\G070224.013.xml (933468|3)
    July 2, 2024 (1:15 p.m.)
    VerDate Nov 24 2008 13:15 Jul 02, 2024 Jkt 000000 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 C:\USERS\MFSRIBINDER\APPDATA\ROAMING\SOFTQUAD\XMETAL\11.0\GEN\C\FULCHE

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