Alabama Excludes Trump Accounts, Education Loans from Gross Income

The Alabama Legislature enacted a law amending Section 40-18-14 of the Code of Alabama 1975 to exclude employer contributions to Trump Accounts and employer payments on qualified education loans from an individual taxpayer’s gross income. These exclusions conform with federal tax treatment under the One, Big, Beautiful Bill Act and apply to amounts that would be excluded from federal gross income. The law takes effect on May 1 and applies to tax years beginning on or after Jan. 1. [H.B. 250, enacted 04/17/26]

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