Advertisement

Senator Arthur Orr cosponsoring tax cut bill

Published: Jan. 10, 2022 at 5:38 PM CST
Email This Link
Share on Pinterest
Share on LinkedIn

HUNTSVILLE, Ala. (WAFF) - We’re less than 24 hours away from the start of a new legislative session in Montgomery.

Lawmakers statewide will be meeting to discuss new bills that could have a major impact on the state.

Senator Arthur Orr says a big objective of this session is to figure out how to allocate the remaining $500 million from the American Rescue Plan money. Orr says the state is in a very good place financially right now, but lawmakers have to make smart decisions to keep us on track moving forward.

Orr is filing multiple bills this session. One of them is aimed at getting more money back in your pocket. That’s Senate Bill 18.

As the law stands now, all of the money Alabamians put into IRAs and 401ks is taxable income.

If this bill passes, up to $10,000 of those distributions cannot be taxed for people 65 and up, which means retired Alabamians will see more of that money when they retire.

“Alabama families like all those across the country, they’re seeing inflation eating into their income. I get particularly concerned about those on a fixed income, well who are those people? Those are primarily your retirees, who are on a fixed income, fixed check, so how can we bring them some relief,” Orr said.

The session begins Friday morning, we will continue to update you on the bills that matter to you.

Copyright 2022 WAFF. All rights reserved.