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.
|February 1, 2022||S||Read for the first time and referred to the Senate committee on Finance and Taxation Education|
|Bill Text||SB155 Alabama 2022 Session - Introduced|