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AL SB49
Bill
AI Summary
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Increases the state income tax exemption for taxable retirement income from $6,000 to $10,000 for individuals age 65 and older, effective January 1, 2024.
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Exemption of $6,000 applies beginning January 1, 2023, with the increase to $10,000 taking effect the following year.
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Exemption is available only to individual taxpayers who are 65 years of age or older.
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Amends Section 40-18-19 of the Alabama Code and becomes effective the first day of the third month following passage and approval by the Governor.
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 taxable retirement income increased
Last Action
Indefinitely Postpone
5/31/2023