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24-11-9
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 first-time and second
chance home buyer savings account. (2) An account holder to annually submit to the Department
of Revenue detailed information regarding the first-time and second chance home buyer savings
account, including, but not limited to, a list of transactions for the account during the
tax year and identifying any supporting documentation required to be maintained by the account
holder. (Act 2018-467, §9.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/24-11-9.htm - 1K - Match Info - Similar pages
24-11-5
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 pay expenses of administering
the account, except that a service or other account fee may be deducted from the account by
the financial institution in which the account is held. (2) Submit the following to the Department
of Revenue with the account holder's Alabama income tax return: a. Detailed information, in
a form prescribed by the Department of Revenue, regarding the first-time and second chance
home buyer savings account, including a list of transactions for the account during the tax
year. b. Form 1099 issued by the financial institution for the account. (3) Submit to the
department, upon a withdrawal of funds from a first-time and second chance...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/24-11-5.htm - 1K - Match Info - Similar pages
24-11-8
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 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: (1) The entire balance of the fund, including
interest and other income on principal, shall be included in the account holder's taxable
income for the tax year in which the withdrawal was made. (2) The account holder shall pay
a penalty to the Department of Revenue equal to 10 percent of the amount withdrawn. The penalty
shall not apply to funds withdrawn from an account which were: a. Withdrawn by reason of the
account holder's death or disability or due to unemployment after the account...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/24-11-8.htm - 2K - Match Info - Similar pages
24-11-3
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 jointly
with another first-time and second chance home buyer, a first-time and second chance home
buyer savings account. (2) ALLOWABLE CLOSING COSTS. A disbursement listed on a settlement
statement for the purchase of a single-family residence in Alabama by a first-time and second
chance home buyer. (3) DEPARTMENT. Alabama Department of Revenue. (4) ELIGIBLE COSTS. The
down payment and allowable closing costs for the purchase of a single-family residence in
Alabama by a first-time and second chance home buyer. Eligible costs do not include any costs
incurred prior to the establishment of a first-time and second chance home buyer savings...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/24-11-3.htm - 2K - Match Info - Similar pages
24-11-6
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 and designate the
account as a "first-time and second chance home buyer's savings account" on records
and transactional statements related to the account. (2) Provide the account holder with a
detailed account statement relating to the first-time and second chance home buyer's savings
account on a yearly basis. (b) A financial institution shall not be required to do any of
the following: (1) Track the use of money withdrawn from a first-time and second chance home
buyer savings account. (2) Allocate funds in a first-time and second chance home buyer savings
account between joint account holders. (3) Report any information not otherwise...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/24-11-6.htm - 2K - Match Info - Similar pages
24-11-4
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 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-time and second chance home buyer savings
account may be used only to pay a first-time and second chance home buyer's eligible costs
for the purchase of a single-family residence in Alabama. (c) A first-time and second chance
home buyer may jointly own a first-time and second chance home buyer savings account with
another first-time and second chance home buyer if the joint account holders file a joint
income tax return. (d) Only cash and marketable securities may be contributed to a...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/24-11-4.htm - 1K - Match Info - Similar pages
24-11-7
Section 24-11-7 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. Deduction
of Contributions, Exclusion of Earnings, and Limitations. (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 dollars ($5,000)
for an account holder who files an individual tax return or ten thousand dollars ($10,000)
for joint account holders who file a joint tax return, for contributions made by the account
holder to a first-time and second chance home buyer savings account during the tax year in
which the deduction is claimed. (b) Except as otherwise provided in this chapter and subject
to the limitations under this section, earnings from the first-time and second chance
home buyer...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/24-11-7.htm - 3K - Match Info - Similar pages
24-11-1
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.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/24-11-1.htm - 624 bytes - Match Info - Similar pages
24-11-2
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
home buyer savings accounts provide an opportunity for Alabama residents to save funds for
home ownership. The first-time and second chance home buyer savings account program is intended
to enable first-time and second chance home buyers in Alabama to plan for and utilize a tax
incentive to save funds for a down payment and closing costs for the purchase of a first home
in Alabama. (Act 2018-467, §2.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/24-11-2.htm - 1K - Match Info - Similar pages
11-51-210
Section 11-51-210 Standard singular and multiple jurisdictional tax forms. (a) By December
31, 1998, the Department of Revenue shall develop and promulgate in the form of a proposed
agency rule a standard multi-jurisdictional tax form and a singular jurisdictional tax form
for the reporting and payment of municipal and county sales, use, rental, and lodgings taxes
for those municipalities and counties for which the department serves as the collecting agent
from time to time. (b) By December 31, 1998, a committee consisting of three representatives
appointed by the Alabama League of Municipalities (ALM), who shall be municipal employees,
officials, or attorneys, and three representatives appointed by the Association of County
Commissions of Alabama (ACCA), who shall be county employees, officials, or attorneys, shall
develop a standard multiple jurisdictional tax form and a singular jurisdictional tax form
for the reporting and payment of all county and municipal sales, use, rental, and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-51-210.htm - 8K - Match Info - Similar pages
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