Aldridge, Borden & Company is pleased to announce several promotions for our employees.
On June 8, 2023, Governor Kay Ivey passed legislation exempting overtime wages earned by full-time hourly employees from Alabama gross income and consequently from Alabama state income tax. The exemption will apply to wages earned for any hours worked over 40 in any given week starting January 1, 2024, through June 30, 2025.
House minority leader Anthony Daniels commented on how the bill will encourage overtime work and boost productivity as workers are able to save 5 percent of time-and-a-half.
To learn more about the employer reporting requirements and how the Aldridge Borden team can help you stay up to date, please contact us.
Authors: Sandra Lubale (L) and Lakeshia King, CPA (R)