HR 9799
Overtime Pay Tax Relief Act of 2024
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Bill overview
This bill, the Overtime Pay Tax Relief Act of 2024, allows certain taxpayers to deduct up to 20% of their overtime compensation from their income, subject to income limitations. The deduction is available through 2029 and is not allowed for individuals with adjusted gross incomes exceeding $100,000, $150,000, or $200,000, depending on their filing status. Additionally, the bill expands the availability of this deduction to non-itemizers and modifies how it’s treated for tax calculations.
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