Section 1. Short title
This Act may be cited as the Keep Every Extra Penny Act of 2024.
(a) In general
Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 139I the following new section:
Section 139J. Overtime compensation
Gross income shall not include overtime compensation required under section 7 of the Fair Labor Standards Act of 1938.
(b) Clerical amendment
The table of sections for part III of subchapter B of chapter 1 of such Code is amended by inserting after the item relating to section 139I the following new item:
(c) Effective date
The amendments made by this section shall apply to amounts received after the date of the enactment of this Act.