HB351 Alabama 2019 Session
In Committee
Bill Summary
Sponsors
Session
Regular Session 2019
Title
Deferred compensation plans, portion of income exempt from income tax, Sec. 40-18-19 am'd.
Description
<p class="bill_description"> Currently, distributions from defined
contribution deferred compensation plans are
taxable as income</p><p class="bill_description">
This bill would provide that 90 percent of
those distributions, up to $30,000, is exempt from
income tax. This exemption will be phased in over a
three-year period</p><p class="bill_entitled_an_act"> To amend Section 40-18-19, Code of Alabama 1975, as
amended by Act 2018-232, relating to exemptions from state
income taxation; to provide that 90 percent of the
distribution from a defined contribution deferred compensation
plan, up to $30,000, is exempt from state income tax; and to
phase in the exemption over a three-year period.
</p>
Subjects
Taxation
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| April 4, 2019 | 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 | HB351 Alabama 2019 Session - Introduced |