Supplement: AL SB231 | 2021 | Regular Session | SB231 for Finance and Taxation Education
For additional supplements on Alabama SB231 please see the Bill Drafting List
Bill Title: Taxation, individual income tax, income tax deduction up to five thousand dollars per annum for contributions made to Alabama Achieving a Better Life Experience (ABLE) savings account, Sec. 40-18-15.8 added
Status: 2021-05-17 - Assigned Act No. 2021-514. [SB231 Detail]
Download: Alabama-2021-SB231-SB231_for_Finance_and_Taxation_Education.html
Bill Title: Taxation, individual income tax, income tax deduction up to five thousand dollars per annum for contributions made to Alabama Achieving a Better Life Experience (ABLE) savings account, Sec. 40-18-15.8 added
Status: 2021-05-17 - Assigned Act No. 2021-514. [SB231 Detail]
Download: Alabama-2021-SB231-SB231_for_Finance_and_Taxation_Education.html
| Committee: Finance and Taxation Education | Sponsor: Barfoot |
| Analyst: Jessica Perez | Date: 04/06/2021 |
FISCAL NOTE
Senate Bill 231 as introduced would provide an individual income tax deduction, up to $5,000 annually, on contributions made, on or after January 1, 2021, to an Alabama Achieving a Better Life Experience (ABLE) account. Based upon the number of existing accounts, this could reduce receipts deposited into the Education Trust Fund by an estimated $90,000 annually.
| Arthur Orr, Chairperson Finance and Taxation Education |
