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AL HB90
Bill
Status
2/3/2016
Primary Sponsor
Lynn Greer
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AI Summary
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Amends Alabama Code Section 40-18-19 to exempt annual income from defined contribution deferred compensation plans from state and local income taxation.
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Phases in the exemption over five years: $10,000 beginning January 1, 2017; $20,000 beginning January 1, 2018; $30,000 beginning January 1, 2019; $40,000 beginning January 1, 2020; and $50,000 beginning January 1, 2021 and thereafter.
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Authorizes the Department of Revenue to adopt necessary rules to implement and administer the exemption.
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Takes effect immediately upon passage and approval by the Governor or upon becoming law without gubernatorial approval.
Legislative Description
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.
Taxation
Last Action
Read for the first time and referred to the House of Representatives committee on Ways and Means Education
2/3/2016