HB243 Alabama 2021 Session
In Committee
Bill Summary
Sponsors
Session
Regular Session 2021
Title
Taxation, individual income tax, income tax deduction up to five thousand dollars per annum for contributions made to Alabama Achieving a Better Life Experience (ABLE) savings account, Sec. 40-18-15.8 added
Description
Under current law, contributions to an Alabama Achieving a Better Life Experience (ABLE) savings account are not deductible from taxable income on an Alabama individual income tax return
This bill provides a deduction for contributions made to an Alabama ABLE savings account from taxable income in an amount of up to five thousand dollars per annum
Relating to individual income tax; provides an income tax deduction of up to five thousand dollars per annum for contributions made to a qualifying Alabama Achieving a Better Life Experience (ABLE) savings account.
Subjects
Taxation
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| May 6, 2021 | H | Indefinitely Postponed |
| April 20, 2021 | H | Read for the second time and placed on the calendar |
| February 2, 2021 | H | Read for the first time and referred to the House of Representatives committee on Ways and Means Education |
Bill Calendar
| Type | Date | Location | Description |
|---|---|---|---|
| Hearing | April 20, 2021 | Room 200 at 10:00 | House W&ME Hearing |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | HB243 Alabama 2021 Session - Introduced |
| Fiscal Note | Fiscal Note - HB243 for Ways and Means Education |