Section 24-11-2 – Legislative Declaration.
Section 24-11-2 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE MARCH 28, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. Legislative Declaration. 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 […]
Section 24-11-3 – Definitions.
Section 24-11-3 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE MARCH 28, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. Definitions. 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 […]
Section 24-11-4 – Establishment and Use of First-Time and Second Chance Home Buyer Savings Account.
Section 24-11-4 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE MARCH 28, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. Establishment and Use of First-time and Second Chance Home Buyer Savings Account. (a) Beginning January 1, 2019, a first-time and second chance home buyer may open an account […]
Section 24-11-5 – Account Holder Responsibilities.
Section 24-11-5 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE MARCH 28, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. Account Holder Responsibilities. 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 […]
Section 24-11-6 – Responsibilities of Financial Institutions.
Section 24-11-6 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE MARCH 28, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. Responsibilities of Financial Institutions. (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 […]
Section 24-11-7 – Deduction of Contributions, Exclusion of Earnings, and Limitations.
Section 24-11-7 Deduction of contributions, exclusion of earnings, and limitations. THIS SECTION WAS AMENDED BY ACT 2022-223 IN THE 2022 REGULAR SESSION, EFFECTIVE APRIL 4, 2022. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. (a) Except as otherwise provided in this chapter and subject to the limitations under this section, a first-time and second chance […]
Section 24-11-8 – Penalty for Withdrawal for Purpose Other Than Eligible Costs.
Section 24-11-8 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE MARCH 28, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. Penalty for Withdrawal for Purpose Other Than Eligible Costs. Except as otherwise provided in this section, if the account holder withdraws any funds from a first-time and second […]
Section 24-11-9 – Department of Revenue; Forms.
Section 24-11-9 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE MARCH 28, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. Department of Revenue; Forms. The Department of Revenue shall adopt forms for the following: (1) The designation of an account with a financial institution to serve as a […]
Section 24-11-10 – Annual Report.
Section 24-11-10 Annual report. THIS SECTION WAS AMENDED BY ACT 2022-223 IN THE 2022 REGULAR SESSION, EFFECTIVE APRIL 4, 2022. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. 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 […]
Section 24-11-1 – Short Title.
Section 24-11-1 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE MARCH 28, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. Short Title. This act shall be known and may be cited as the “Alabama First-time and Second Chance Home Buyer Savings Account Act.” (Act 2018-467, §1.)