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.”
-
Civilization5 days agoSpace Academy is Critical Step in the Future of Warfare
-
Civilization5 days agoReligious Freedom Was America’s First Freedom – and Still Is
-
Executive3 days agoGroup To Sue New York Over Union-Backed ‘Hit-Job’ Law
-
Executive4 days agoWaste of the Day: Overpaid Utah Janitors
-
Education4 days ago‘Reclaiming Liberal Education in America’
-
Constitution2 days agoGreen Energy Mandates Meet the Commerce Clause
-
Civilization4 days agoMaking the Greenland Agreement Work: Building Distributed Arctic Deterrence
-
Christianity Today3 days agoThe Voice Lindsay Clancy Heard?