HB296 Alabama 2021 Session
Updated Jun 24, 2021
HB296 Alabama 2021 Session
House Bill
Expired
Current Status
Regular Session 2021
Session
1
Sponsor
Summary
- Primary Sponsor
-
Lynn GreerRepublican - 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
Bill Actions
H
Read for the first time and referred to the House of Representatives committee on Ways and Means Education
Bill Text
Documents
Source: Alabama Legislature