529 PLANS

529 News

Alabama Governor signs 529 exemption bill

(February 13, 2006) - Alabama HB62 has been signed, granting Alabama state income tax exemption for qualified withdrawals and penalty-exception withdrawals from Alabama's 529 savings program. It appears the exemption is retroactive to 1998 when the law first provided an exemption for the state's prepaid tuition plan.

Withdrawals by an Alabama taxpayer from a non-Alabama 529 plan are not exempt.

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