HB64 Alabama 2016 Session

Summary

Primary Sponsor

Lynn Greer

Republican

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.

Show more Show less

Subjects

Taxation