Alabama Enacts Income Tax Deduction for Certain Portable Benefit Accounts

The Alabama Governor signed a law concerning employee benefits. The law includes: 1) establishing portable benefits accounts for independent contractors; and 2) for tax years beginning after Dec. 31, providing an income tax deduction for contributions to portable benefit accounts. The law takes effect on Dec. 31. [S.B. 86, enacted 04/10/25]

This story was produced by Bloomberg Tax Automation, and edited by Bloomberg Tax staff.