Excludes overtime pay of certain employees from gross income tax.

This bill excludes overtime pay (for hours worked over 40 in a week) from New Jersey's state income tax for employees subject to the state's overtime pay requirement (1.5 times regular hourly wage). It does not apply to executive, administrative, professional, farm, motor vehicle sales, outside sales, hotel, limousine, or bus carrier employees. Employers must not withhold state income tax on this exempt overtime compensation. The exemption applies to taxable years beginning after the bill's enactment.