HB23 Alabama 2017 Session

Updated Jul 24, 2021

Summary

Primary Sponsor: Lynn Greer
Republican
Session: Regular Session 2017
Title: Taxation, defined contribution deferred compensation plans, certain percentage 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.
Subjects: Taxation

Read for the first time and referred to the House of Representatives committee on Ways and Means Education