Riley Proposes Tax Breaks for Individuals and Businesses - WSFA.com Montgomery Alabama news.

Riley Proposes Tax Breaks for Individuals and Businesses

Riley unveiled part one of his platform at a news conference in Birmingham. Riley unveiled part one of his platform at a news conference in Birmingham.

Governor. Bob Riley laid out the first part of his re-election platform Tuesday in Birmingham. And it includes tax breaks for workers, retirees and businesses.

Riley did not put a price tag on his economic proposals, but he said they could be accomplished without raising any other taxes.

Riley proposed an income tax cut for 90 percent of Alabama's families by raising the threshold for paying state income tax and allowing more for personal exemptions, dependent exemptions and standard deductions.

He proposed that the first ten thousand dollars of all currently taxable retirement income, such as 401(k) plans, be exempted from state income tax each year.

The Republican governor proposed tax breaks for small businesses that provide health insurance to employees and new economic incentives for growing industries.

He also called for tax credits for research and development and for businesses that create jobs in rural areas that are not thriving.

Riley said he would release an estimated cost for his plan later. Wednesday, he was schedule to travel to Mobile to unveil his education platform.

Copyright 2006. Alabama Associated Press. All Rights Reserved.

 

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