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AL HB388
Bill
Status
Introduced
3/5/2025
Primary Sponsor
Danny Garrett
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AI Summary
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Increases the taxable retirement income exemption from $6,000 to $12,000 for Alabama residents age 65 and older, effective January 1, 2026.
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Exemption amount remains at $6,000 for tax years beginning January 1, 2023 through December 31, 2025 as a transition period.
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Exemption applies only to individual taxpayers who are 65 years of age or older and is limited to taxable retirement income.
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Amends Section 40-18-19 of the Code of Alabama 1975 regarding income tax exemptions.
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Becomes effective October 1, 2025.
Legislative Description
Income tax, exemption for taxable retirement income increased
Taxation & Revenue
Last Action
Read for the Second Time and placed on the Calendar
5/1/2025
Committee Referrals
Finance and Taxation Education4/24/2025
Ways and Means Education3/5/2025
Full Bill Text
No bill text available