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: 04/14/2021 |
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.
As amended and reported by the Committee on Finance and Taxation Education, the provisions of this bill would sunset on December 31, 2025, unless extended by an act of the Legislature.
| Arthur Orr, Chairperson Finance and Taxation Education |
