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AL HB117
Bill
Status
5/18/2023
Primary Sponsor
Danny Garrett
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AI Summary
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Increases the taxable retirement income exemption for individuals age 65 or older from $6,000 to $10,000, effective January 1, 2024.
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The exemption begins at $6,000 for tax year 2023 and increases to $10,000 beginning January 1, 2024.
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Exemption applies only to individual taxpayers who are 65 years of age or older.
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Amends Section 40-18-19 of the Code of Alabama 1975 and authorizes the Department of Revenue to enact rules for implementation.
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Becomes effective on the first day of the third month following passage and gubernatorial approval.
Legislative Description
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.
Taxation and Revenue, income tax exemption for retirement income increased
Last Action
Referred to Committee to Senate Finance and Taxation Education
5/18/2023