HB296 Alabama 2021 Session

Updated Jun 24, 2021

Summary

Primary Sponsor: Lynn Greer
Republican
Session: Regular Session 2021
Title: Deferred compensation plans, portion of income exempt from income tax, Sec. 40-18-19 am'd.
Description: Currently, distributions from defined contribution deferred compensation plans are taxable as income.
This bill would provide that 70 percent of those distributions, up to $30,000, is exempt from income tax for individuals who are 65 years of age or older. This exemption will be phased in over a 10-year period.
Subjects: Taxation

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