HB90 Alabama 2016 Session
In Committee
Bill Summary
Sponsors
Session
Regular Session 2016
Title
Taxation, defined contribution deferred compensation plans, first $15,000, $30,000 of benefits exempt from state and local income taxes, Revenue Dept. authorized to adopt administrative rules, Sec. 40-18-19 am'd.
Description
Currently, income from defined contribution deferred compensation plans is taxable as state income
This bill would provide that $50,000 of such annual income is exempt. The exemption would be phased in over a five-year period
To amend Section 40-18-19, Code of Alabama 1975, as amended by Act 2015-442, relating to exemptions from state income taxation; to provide for exemptions of certain amounts of annual income received as a benefit from defined contribution deferred compensation plans; and to provide for a period of five years to fully implement the exemption.
Subjects
Taxation
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| February 3, 2016 | H | Read for the first time and referred to the House of Representatives committee on Ways and Means Education |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | HB90 Alabama 2016 Session - Introduced |