HB162 Alabama 2022 Session
Signed by Governor
Bill Summary
Sponsors
Session
Regular Session 2022
Title
Income tax, exemption of up to $6,000 of taxable retirement income for individuals 65 years of age or older, Sec. 40-18-19 am'd.
Description
Currently, distributions from defined contribution deferred compensation plans are taxable as income
This bill would provide that 80 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 4-year period
To amend Section 40-18-19, Code of Alabama 1975, relating to exemptions from state income taxation; to provide that 80 percent of the distribution from a defined contribution deferred compensation plan, up to $30,000, is exempt from state income tax for individuals who are 65 years of age or older; and to phase in the exemption over a 4-year period.
Subjects
Taxation
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| April 7, 2022 | H | Delivered to Governor at 9:46 a.m. on April 7, 2022. |
| April 7, 2022 | H | Assigned Act No. 2022-294. |
| April 7, 2022 | H | Clerk of the House Certification |
| April 7, 2022 | S | Signature Requested |
| April 6, 2022 | H | Enrolled |
| April 6, 2022 | S | Concurred in Second House Amendment |
| April 6, 2022 | H | Greer motion to Concur In and Adopt adopted Roll Call 952 |
| April 6, 2022 | H | Concurrence Requested |
| April 5, 2022 | S | Motion to Read a Third Time and Pass adopted Roll Call 968 |
| April 5, 2022 | S | Motion to Adopt adopted Roll Call 967 |
| April 5, 2022 | S | Finance and Taxation Education Amendment Offered |
| April 5, 2022 | S | Third Reading Passed |
| March 29, 2022 | S | Read for the second time and placed on the calendar 1 amendment |
| March 10, 2022 | S | Read for the first time and referred to the Senate committee on Finance and Taxation Education |
| March 9, 2022 | H | Engrossed |
| March 9, 2022 | H | Motion to Read a Third Time and Pass adopted Roll Call 510 |
| March 9, 2022 | H | Motion to Adopt adopted Roll Call 509 |
| March 9, 2022 | H | Ways and Means Education first Substitute Offered |
| March 9, 2022 | H | Third Reading Passed |
| February 16, 2022 | H | Read for the second time and placed on the calendar with 1 substitute and |
| January 18, 2022 | 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 | March 29, 2022 | Room 825 **Bill Added** at 11:00 | Senate F&TE Hearing |
| Hearing | February 16, 2022 | Room 200 at 09:00 | House W&ME Hearing |
Bill Text
Bill Votes
Bill Documents
| Type | Link |
|---|---|
| Bill Text | HB162 Alabama 2022 Session - Enrolled |
| Bill Text | HB162 Alabama 2022 Session - Engrossed |
| Bill Text | HB162 Alabama 2022 Session - Introduced |
| Bill Amendments | House Ways and Means Education first Substitute Offered |
| Bill Amendments | Senate Finance and Taxation Education first Amendment Offered |
| Fiscal Note | Fiscal Note - HB162 for Ways and Means Education |
| Fiscal Note | Fiscal Note - HB162 for Ways and Means Education |
| Fiscal Note | Fiscal Note - HB162 for Finance and Taxation Education |
| Fiscal Note | Fiscal Note - HB162 for Finance and Taxation Education |