Install
Keep Every Extra Penny Act of 2025
To amend the Internal Revenue Code of 1986 to exclude overtime compensation from gross income for purposes of the income tax.
- Introduced
- Committee
- Passed House
- Passed Senate
- To President
- Became law
Summary
Keep Every Extra Penny Act of 2025
This bill excludes from gross income for federal income tax purposes overtime compensation paid for hours worked in excess of 40 hours per week (as required by the Fair Labor Standards Act of 1938). Under current law, overtime compensation paid to a taxpayer is included in gross income for purposes of calculating federal income taxes.
Summary by the Congressional Research Service, Library of Congress.
Actions
- Jan 15, 2025 Referred to the House Committee on Ways and Means.
- Jan 15, 2025 Introduced in House
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