SB155 Alabama 2022 Session
In Committee
Bill Summary
Sponsors
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.
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 is exempt from state income tax for individuals who are 65 years of age or older.
Subjects
Taxation
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| February 1, 2022 | S | Read for the first time and referred to the Senate committee on Finance and Taxation Education |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | SB155 Alabama 2022 Session - Introduced |
Source: Alabama Legislature