No Tax on Overtime for All Workers Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Overview
This bill aims to change how overtime pay is treated for tax purposes. It proposes to allow workers to deduct certain overtime compensation on their tax returns, specifically overtime paid to employees who meet certain criteria under the Fair Labor Standards Act. The bill clarifies the definition of ‘qualified overtime compensation’ to include overtime paid under pre-existing agreements and beyond standard work hours, particularly for rail workers. This change would provide a tax benefit to workers receiving overtime pay.
Key provisions
- Allows a deduction for ‘qualified overtime compensation’.
- Defines ‘qualified overtime compensation’ to include overtime under the Fair Labor Standards Act.
- Includes compensation paid under pre-existing agreements exceeding standard hours.
- Specifically covers overtime for rail workers beyond scheduled hours.
Who is affected
- Employees
- Taxpayers
- Rail workers
- Employers
Notable changes
- Expands the definition of overtime compensation eligible for deduction.
- Clarifies the requirements for pre-existing agreements to qualify for the deduction.
Fiscal impact
The bill could potentially reduce tax revenue for the federal government by allowing taxpayers to deduct overtime compensation.
Bill text
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Sponsors
Official sponsors from legislative records.
2 on record
Primary sponsor
Cosponsor
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