Money matters
Alabama approves tax exemption for those 65 and older
Alabama lawmakers finalized a bill on Thursday that will exempt those 65 and older from state taxes on retirement income up to $6,000.
The exemption would eliminate taxes on withdrawals from 401k accounts and other individual retirement accounts for those 65 and older.
Withdrawals from regular pension accounts were already tax exempt under Alabama law, so the new bill will further assist those in retirement with lower taxes and more cash in hand.
The bill, HB 162, was officially named the Lynn Greer Retirement Income Tax Cut today in honor of its author and champion, Rep. Lynn Greer (R-Rogersville). Greer has been fighting for the bill for years.
Greer had originally proposed an exemption of up to $30,000 per person, but the bill was negotiated down to $6,000 over time. “This is a start,” Greer said. “This is something. It just makes us more fair.”
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