I think this may be true beneath a certain salary amount, but it's relatively low for software.

For California it depends on both type of work and compensation. You can still be required to pay overtime to a salaried employee if they don't meet certain criterion such as being in a managerial position.

In California, the level for computer professionals is nearly double the main (professional/management/admin) amount ($88K+ vs $45-50K depending on employer size.)