SB155 Alabama 2022 Session
Updated Feb 1, 2022
Summary
- Primary Sponsor
Larry StuttsSenatorRepublican- Session
- Regular Session 2022
- 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 80 percent of those distributions is exempt from income tax for individuals who are 65 years of age or older.
- Subjects
- Taxation
Bill Actions
S
Read for the first time and referred to the Senate committee on Finance and Taxation Education
Bill Text
Documents
Source: Alabama Legislature