ALABAMA AMENDS OVERTIME TAX EXEMPTION LAW - EFFECTIVE 10/01/2024

Alabama has amended the provision which exempts overtime pay earned by employees from state taxation. Effective October 1, 2024, overtime wages earned by all FLSA non-exempt employees (including but not limited to hourly and salaried non-exempt employees) working more than 40 hours in a workweek will not be subject to Alabama state income. This tax exemption is in effect through June 30, 2025.  

THIRD QUARTER LEGISLATIVE UPDATE

Administrative, legislative and judicial updates emerge from Washington each quarter that may affect your business. CBI offers a free, quarterly webinar to provide insight to help prepare you for the tax developments of the most interest to you, your business and your stakeholders. 

Their Eye on Washington webinars assist CEOs, CFOs, financial executives and advisors, and other interested parties in navigating the complex tax environment. From federal tax reform to IRS guidance, topics covered will provide the up-to date information you need to help you plan for the future.

ALABAMA AMENDS OVERTIME TAX EXEMPTION LAW - EFFECTIVE 10/01/2024

Alabama has amended the provision which exempts overtime pay earned by employees from state taxation. Effective October 1, 2024, overtime wages earned by all FLSA non-exempt employees (including but not limited to hourly and salaried non-exempt employees) working more than 40 hours in a workweek will not be subject to Alabama state income. This tax exemption is in effect through June 30, 2025.  

CONNECTICUT PFML -

EFFECTIVE 10/01/2024

Connecticut enacted legislation that amends a law entitling employees to paid family and medical leave. The amendments take effect October 1, 2024. 

SECURE 2.0 -

CATCH UP PROVISIONS

A friendly reminder that on Dec. 29, 2022, the Consolidated Appropriations Act of 2023 (HR 2617) was signed into law. The Act included important provisions affecting retirement savings plans that are intended to build upon the retirement provisions in the 2019 SECURE Act.

The new provisions, known as SECURE 2.0, bring exciting benefits for both employers and employees. These changes are aimed at making it easier for employers to provide retirement plans and helping employees achieve better retirement outcomes; like an increased opportunity for individuals aged 60-63 to save more for their retirement. 

ADP Spark Article