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
Currently, up to $6,000 of taxable retirement income is exempt from income tax for individuals who are 65 years of age or older
This bill would increase the exemption to up to $10,000 of taxable retirement income
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.
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 |