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
Currently, income from defined contribution deferred compensation plans is taxable as state income
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
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.
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 |