HB64 Alabama 2016 Session
In Committee
Bill Summary
Sponsors
Session
Regular Session 2016
Title
Taxation, defined contribution deferred compensation plans, first $15,000, $30,000 of benefits exempt from state and local income taxes, Revenue Dept. authorized to adopt administrative rules, Sec. 40-18-19 am'd.
Description
<p class="bill_description"> Currently, income from defined contribution
deferred compensation plans is taxable as state
income</p><p class="bill_description">
This bill would provide that the first 90
percent of such annual income is exempt. The
exemption would be phased in over a five-year
period</p><p class="bill_entitled_an_act"> To provide for the Alabama Fair Income Tax Act of
2016; to amend Section 40-18-19, Code of Alabama 1975, as
amended by Act 2015-442, relating to exemptions from state
income taxation; to provide for exemptions of certain
percentages of annual income received as a benefit from
defined contribution deferred compensation plans; and to
provide for a period of five years to fully implement an
exemption of 90 percent of such benefits.
</p>
Subjects
Taxation
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| February 2, 2016 | H | Read for the first time and referred to the House of Representatives committee on Ways and Means Education |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | HB64 Alabama 2016 Session - Introduced |