On May 20, ALA LEG enacted bill amending definition of gross income.
ALA LEG passed HB 407, relating to income taxes paid on overtime compensation.
Bill makes amendments to ALA LEG 40-18-14, (adjusted gross income of individuals).
Bill Provisions
Amends the definition of gross income; to exempt from state income tax amounts paid as overtime compensation in accordance with Fair Labor Standards Act (29 USC 201).
Legislative History
On Apr. 2, 2024, bill introduced in the House; on Apr. 16, 2024, bill passed House.
On Apr. 18, 2024, bill introduced in the Senate; on May 2, 2024, bill passed Senate.
On May 20, 2024, HB 407 was enacted and assigned Act Number 2024-437.
Effectiveness
This act shall become effective on Oct. 1, 2024.
Regulators
ALA LEG
Entity Types
CNSM; Corp
Reference
Act 2024-437, Bill HB407, 5/20/2024; Citation: ALA LEG 40; 29 USC 201;
