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38-14-6
Section 38-14-6 Source of deposits; limitations on deposits. (a) Deposits to individual development
accounts made by the account owner shall come from earned income, including, but not limited
to, wages, earned income tax credit returns, child support payments, supplemental security
income (SSI), disability benefits, community service under TANF, AmeriCorps stipends, VISTA
stipends, and job training programs. (b) Eligible individuals shall certify that their deposits
do not exceed their income. A cap on deposits made by the account owner is set at two thousand
dollars ($2,000). (Act 2011-641, p. 1626, §6.)...
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36-25-1
Section 36-25-1 Definitions. Whenever used in this chapter, the following words and terms shall
have the following meanings: (1) BUSINESS. Any corporation, partnership, proprietorship, firm,
enterprise, franchise, association, organization, self-employed individual, or any other legal
entity. (2) BUSINESS WITH WHICH THE PERSON IS ASSOCIATED. Any business of which the person
or a member of his or her family is an officer, owner, partner, board of director member,
employee, or holder of more than five percent of the fair market value of the business. (3)
CANDIDATE. This term as used in this chapter shall have the same meaning ascribed to it in
Section 17-5-2. (4) COMMISSION. The State Ethics Commission. (5) COMPLAINT. Written allegation
or allegations that a violation of this chapter has occurred. (6) COMPLAINANT. A person who
alleges a violation or violations of this chapter by filing a complaint against a respondent.
(7) CONFIDENTIAL INFORMATION. A complaint filed pursuant to this...
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11-32-7
Section 11-32-7 Powers of authority. (a) The authority shall exercise powers and duties necessary
to the discharge of its powers and duties in corporate form as follows: (1) Have succession
by its corporate name in perpetuity subject to Section 11-32-20. (2) Sue and be sued in its
own name in civil suits and actions and defend suits against it. (3) Adopt and make use of
a corporate seal and alter the same at its pleasure. (4) Adopt and alter bylaws for the regulation
and conduct of its affairs and business. (5) Acquire, receive, take, by purchase, gift, lease,
devise, or otherwise, and hold property of every description, real, personal, or mixed, whether
located in one or more counties or municipalities and whether located within or outside the
authorizing county. (6) Make, enter into, and execute contracts, agreements, leases, and other
instruments and take other actions as may be necessary or convenient to accomplish any purpose
for which the authority was organized, or exercise any...
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38-14-4
Section 38-14-4 Withdrawals and reimbursements. (a) If an emergency occurs, an account owner
may withdraw all or part of the account owner's deposits to an individual development account
with the approval of the fiduciary organization. (b) The account owner shall reimburse his
or her individual development account for the amount withdrawn under this section within 12
months after the date of the withdrawal. Failure of the account owner to make a timely reimbursement
to the account will remove the account owner from the Individual Development Account Program.
Until the reimbursement has been made in full, an account owner may not withdraw any matching
funds or accrued interest on matching funds from the account. (c) If an account owner withdraws
money from an individual development account for other than a qualified purpose, the fiduciary
organization shall remove the account owner from the program. (Act 2011-641, p. 1626, §4.)...
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38-14-8
Section 38-14-8 Selection of fiduciary organizations. The department shall select fiduciary
organizations through competitive processes. In making the selections, the department may
consider factors including, but not limited to, the following: (1) The ability of the fiduciary
organization to implement and administer the individual development account program, including
the ability to verify account owner eligibility, certify that matching funds are used only
for qualified purposes, and exercise general fiscal accountability. (2) The capacity of the
fiduciary organization to provide or raise matching funds for the deposits of account owners.
(3) The capacity of the fiduciary organization to provide, or to arrange for the provisions
of, financial counseling, financial literacy education and training specific to the assets
the account owners will be purchasing, and other related services to account owners. (4) The
links the fiduciary organization has to other activities and programs...
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38-14-10
Section 38-14-10 Eligibility for means-tested public benefits. (a) An account owner's savings
and matching funds shall not affect his or her eligibility for any means-tested public benefits,
including, but not limited to, Medicaid, state children's health insurance programs, TANF,
Supplemental Nutrition Assistance Program, supplemental security income, or government-subsidized
foster care and adoption payments, and child care or housing payments. (b) Funds deposited
in individual development accounts shall not be counted as income, assets, or resources of
the account owner for the purpose of determining financial eligibility for assistance or service
pursuant to any federal, federally assisted, state, or municipal program based on need. (Act
2011-641, p. 1626, §10.)...
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38-14-9
Section 38-14-9 Administration of accounts. (a) Subject to rules promulgated by the department,
a fiduciary organization has sole authority over, and responsibility for, the administration
of individual development accounts. The responsibility of the fiduciary organization extends
to all aspects of the account program, including marketing to all eligible individuals and
families, soliciting matching funds, counseling account owners, providing financial literacy
education, and conducting required verification and compliance activities. The fiduciary organization
may establish program provisions as the organization believes necessary to ensure account
owner compliance with this chapter. (b) A fiduciary organization may act in partnership with
other entities, including businesses, government agencies, corporations, nonprofit organizations,
community action programs, community development corporations, housing authorities and faith-based
entities, to assist in the fulfillment of its...
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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...
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40-18-21
Section 40-18-21 Credits for taxes paid on income from sources outside the state and for job
development fees. (a)(1) For the purpose of ascertaining the income tax due under the provisions
of this chapter by individual residents of Alabama whose gross income, as defined herein,
is derived from sources both within and outside the State of Alabama, there shall be allowed
a credit against the amount of tax found to be due by such resident, on account of income
derived from outside the State of Alabama, the amount of income tax actually paid by such
resident to any state or territory on account of business transacted or property held, directly
or indirectly, outside the State of Alabama. Resident individual owners of Subchapter K entities,
Alabama S corporations, and beneficiaries of estates or trusts who include their proportionate
share of the income arising from one or more of these entities in their Alabama gross income
shall be allowed a credit for their proportionate share of the...
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7-4-111
Section 7-4-111 Statute of limitations; accrual of action. An action to enforce an obligation,
duty, or right arising under this article must be commenced within three years after the cause
of action accrues. A cause of action accrues for payment of a time deposit upon the earlier
of: (1) the date demand for payment is made to the bank, but if the time deposit has a due
date and the bank is not required to pay before that date, the cause of action accrues when
a demand for payment is in effect and the due date has passed; (2) the latter of: a. the due
date of the time deposit established in the bank's last written notice of renewal sent pursuant
to Section 5-5A-36; or b. four years after the last written communication from the bank recognizing
the bank's obligation under the time deposit; or (3) the last day of the taxable year for
which the owner of the time deposit last reported interest income earned on the time deposit
on either a federal or state tax return. As used in this...
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