Alabama passes bill to exempt 529 distributions
The Alabama Senate gave final approval to a bill (HB62) that would make qualified withdrawals from the state's 529 college-savings plan exempt from Alabama income taxes.
The bill, supported by state Treasurer Kay Ivey, passed the Senate 29-0 and now goes to Gov. Bob Riley, who has indicated his intention to sign the bill.
The exemption will not apply to distributions received by Alabama taxpayers from non-Alabama 529 plans.
Return to 529 News centerThe bill, supported by state Treasurer Kay Ivey, passed the Senate 29-0 and now goes to Gov. Bob Riley, who has indicated his intention to sign the bill.
The exemption will not apply to distributions received by Alabama taxpayers from non-Alabama 529 plans.