|Committee: Finance and Taxation Education||Sponsor: Greer|
|Analyst: JT Mathis||Date: 03/29/2022|
House Bill 162 as amended and reported by the Committee on Finance and Taxation Education would exempt the first $6,000 of retirement income received by individuals who are 65 years of age and older from state income tax. According to the Department of Revenue, this bill would reduce income tax receipts to the Education Trust Fund by the following estimated amounts in the following tax years:
|Fiscal Year||Estimated Loss to ETF|
|2025 and thereafter||$29 million|
Pursuant to the provisions of the Education Trust Fund (ETF) Rolling Reserve Act contained in Section 29-9-3(b)(3), Code of Alabama 1975, the provisions of this bill will reduce the ETF fiscal year appropriation cap for fiscal year 2024 by $28.2 million.
|Arthur Orr, Chairperson|
Finance and Taxation Education