Overtime Pay Tax Relief Act of 2024

This bill creates a new tax deduction for workers who receive legally required overtime pay under the Fair Labor Standards Act. It allows individuals to deduct up to 20% of their overtime compensation (capped at 20% of their total wages from the same employer) from taxable income, available to all workers regardless of whether they itemize deductions. The deduction phases out for taxpayers with adjusted gross income above $100,000 ($150,000 for heads of household, $200,000 for married couples filing jointly). The provision expires after December 31, 2029, and applies to overtime received after the bill's enactment.