Currently, distributions from defined contribution deferred compensation plans are taxable as income
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
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.
|April 4, 2019
|Read for the first time and referred to the House of Representatives committee on Ways and Means Education
|HB351 Alabama 2019 Session - Introduced