SB49 Alabama 2023 Session
In Committee
Bill Summary
Sponsors
Session
Regular Session 2023
Title
Relating to income taxes; to amend Section 40-18-19, Code of Alabama 1975, as last amended by Act 2022-292, Act 2022-294, and Act 2022-297 of the 2022 Regular Session of the Legislature; to increase the exemption for taxable retirement income for individuals who are 65 years of age or older.
Description
<p class="bill_description"> Currently, up to $6,000 of taxable
retirement income is exempt from income tax for
individuals who are 65 years of age or older</p><p class="bill_description"> This bill would increase the exemption to up to
$10,000 of taxable retirement income</p><p class="bill_entitled_an_act"> Relating to income taxes; to amend Section 40-18-19,
Code of Alabama 1975, as last amended by Act 2022-292, Act
2022-294, and Act 2022-297 of the 2022 Regular Session of the
Legislature; to increase the exemption for taxable retirement
income for individuals who are 65 years of age or older.
</p>
Subjects
Taxation and Revenue, income tax, exemption for taxable retirement income increased
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| March 22, 2023 | S | Read Second Time in House of Origin |
| March 22, 2023 | S | Reported Out of Committee in House of Origin |
| March 22, 2023 | S | Reported Favorably from Senate Finance and Taxation Education |
| March 7, 2023 | S | Introduced and Referred to Senate Finance and Taxation Education |
| March 7, 2023 | S | Read First Time in House of Origin |
Bill Calendar
| Type | Date | Location | Description |
|---|---|---|---|
| Hearing | March 22, 2023 | Finance and Taxation at 11:00 | Senate Finance and Taxation Education Hearing |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | SB49 Alabama 2023 Session - Introduced |
| Fiscal Note | Fiscal Note - As Introduced |