Title 24 — Title 24
0 chapters · 221 sections in this title.
Ala. Code § 24-11-1 Short Title
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This chapter shall be known and may be cited as the “Alabama First-time and Second Chance Home Buyer Savings Account Act.” History: (Act 2018-467, §1.)
Ala. Code § 24-11-10 Annual Report
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The department shall report to the Fiscal Division of the Legislative Services Agency on an annual basis the total annual number of deductions claimed and total amount of deposits deducted pursuant to this chapter, the number of taxpayers who submitted an account to the departmen…
Ala. Code § 24-11-2 Legislative Declaration
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The Legislature recognizes that saving for the purchase of a first home is very challenging in today’s economy. The Legislature declares that first-time and second chance home buyer savings accounts provide an opportunity for Alabama residents to save funds for home ownership. Th…
Ala. Code § 24-11-3 Definitions
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As used in this chapter, the following terms shall have the following meanings: (1) ACCOUNT HOLDER. A first-time and second chance home buyer who establishes, individually or jointly with another first-time and second chance home buyer, a first-time and second chance home buyer s…
Ala. Code § 24-11-4 Establishment and Use of First-Time and Second Chance Home Buyer
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Savings Account. (a) Beginning January 1, 2019, a first-time and second chance home buyer may open an account with a financial institution designated in its entirety by the financial institution as a first-time and second chance home buyer savings account. (b) Funds from a first-…
Ala. Code § 24-11-5 Account Holder Responsibilities
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(a) The account holder shall do all of the following: (1) Not use funds held in a first-time and second chance home buyer savings account to pay expenses of administering the account, except that a service or other account fee may be deducted from the account by the financial ins…
Ala. Code § 24-11-6 Responsibilities of Financial Institutions
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(a) A financial institution shall be required to do the following: (1) Create a new account for the first-time and second chance home buyer and designate the account as a “first-time and second chance home buyer’s savings account” on records and transactional statements related t…
Ala. Code § 24-11-7 Deduction of Contributions, Exclusion of Earnings, and Limitations
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(a) Except as otherwise provided in this chapter and subject to the limitations under this section, a first-time and second chance home buyer savings account holder shall be entitled to a state tax deduction, subject to the limitations of this section, not to exceed five thousand…
Ala. Code § 24-11-8 Penalty for Withdrawal for Purpose Other Than Eligible Costs
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Except as otherwise provided in this section, if the account holder withdraws any funds from a first-time and second chance home buyer savings account for a purpose other than eligible costs for the purchase of a single-family residence in this state, the following shall apply: (…
Ala. Code § 24-11-9 Department of Revenue; Forms
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The Department of Revenue shall adopt forms for the following: (1) The designation of an account with a financial institution to serve as a first-time and second chance home buyer savings account. (2) An account holder to annually submit to the Department of Revenue detailed info…