SB18 Alabama 2022 Session
Crossed Over
Bill Summary
Sponsors
Session
Regular Session 2022
Title
Relating to income taxes, to provide that up to $6,000 of taxable retirement income is exempt from state income tax 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 up to $10,000 of those distributions is exempt from income tax for individuals who are 65 years of age or older
This exemption will be phased in over a two-year period
To amend Section 40-18-19, Code of Alabama 1975, relating to exemptions from state income taxation; to provide that up to $10,000 of distributions from a defined contribution deferred compensation plan is exempt from state income tax for individuals who are 65 years of age or older; and to phase in the exemption over a two-year period.
Subjects
Taxation
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| February 16, 2022 | H | Read for the first time and referred to the House of Representatives committee on Ways and Means Education |
| February 16, 2022 | S | Engrossed |
| February 16, 2022 | S | Motion to Read a Third Time and Pass adopted Roll Call 304 |
| February 16, 2022 | S | Orr motion to Adopt adopted Roll Call 303 |
| February 16, 2022 | S | Orr first Substitute Offered |
| February 16, 2022 | S | Orr motion to Table adopted Voice Vote |
| February 16, 2022 | S | Finance and Taxation Education Amendment Offered |
| February 16, 2022 | S | Third Reading Passed |
| January 18, 2022 | S | Read for the second time and placed on the calendar 1 amendment |
| January 11, 2022 | S | Read for the first time and referred to the Senate committee on Finance and Taxation Education |
Bill Calendar
| Type | Date | Location | Description |
|---|---|---|---|
| Hearing | January 18, 2022 | Room 825 (REVISED TIME CHANGED & SB 30 REMOVED) at 12:15 | Senate F&TE Hearing |
Bill Text
Bill Votes
Bill Documents
| Type | Link |
|---|---|
| Bill Text | SB18 Alabama 2022 Session - Engrossed |
| Bill Text | SB18 Alabama 2022 Session - Introduced |
| Bill Amendments | Senate Finance and Taxation Education first Amendment Offered |
| Bill Amendments | Senate Orr first Substitute Offered |
| Fiscal Note | Fiscal Note - SB18 for Finance and Taxation Education |
| Fiscal Note | Fiscal Note - SB18 for Finance and Taxation Education |