OVERTIME EXEMPTION THRESHOLD

Amends the Minimum Wage Law. Provides that the overtime requirements of the Law do not apply to an employee employed in a bona fide executive, administrative, or professional capacity as defined by or covered by the federal Fair Labor Standards Act of 1938 but compensated at a salary greater than $47,476 per year (rather than an amount specified by a federal regulation) or the weekly or monthly portion thereof or a greater salary as may be adopted by the U.S. Department of Labor. Provides that the amount shall increase annually by the percentage increase in the Consumer Price Index. Effective immediately.