Bill > HB250

This bill amends Alabama's income tax law to allow individuals to exclude contributions made to "Trump Accounts" from their gross income, starting in tax years beginning on or after January 1, 2026, provided these contributions are also excluded from federal gross income under a specific section of the "One, Big, Beautiful Bill Act." Additionally, the bill makes permanent the exclusion from gross income for amounts paid by an employer towards an employee's qualified education loan, also effective for tax years beginning on or after January 1, 2026, as long as these payments are excluded from federal gross income under a specified federal tax code provision. "Gross income" refers to all income received by an individual, and "qualified education loan" refers to specific types of student loans as defined by federal law. The bill's provisions are intended to align Alabama's tax treatment with certain federal tax benefits.

Budget and Finance

https://alison.legislature.state.al.us/bill-search