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AL HB351
Bill
Status
4/4/2019
Primary Sponsor
Lynn Greer
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AI Summary
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Provides a tax exemption for 90 percent of distributions from defined contribution deferred compensation plans, capped at specified dollar amounts.
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Exemption phases in over three years: $10,000 limit beginning January 1, 2020; $20,000 limit beginning January 1, 2021; $30,000 limit beginning January 1, 2022 and thereafter.
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Amends Section 40-18-19 of the Code of Alabama 1975 to add a new subdivision (13) establishing the exemption for individual resident taxpayers.
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Authorizes the Department of Revenue to enact rules necessary to implement and administer the exemption provisions.
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Becomes effective immediately upon passage and approval by the Governor or upon otherwise becoming law.
Legislative Description
Deferred compensation plans, portion of income exempt from income tax, 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
4/4/2019