Alabama Senate passes new tax exemption on retirement income. alpolitics
Mike Cason | [email protected] law requires people to pay state income tax on certain distributions from 401 retirement accounts and Individual Retirement Accounts .
The bill by Sen. Arthur Orr, R-Decatur, would allow people 65 and older to claim an exemption for up to $6,000 on that income beginning Jan. 1, 2023. “With inflation being as high as it is today, most retirees on fixed pension incomes are seeing a substantial decrease in their purchasing power each month as inflation continues to deplete their earnings,” Orr said in a press release. “This bill would enable the government to send money back to hardworking Alabama taxpayers and provide immediate assistance to help these individuals in their everyday living.
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