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 of deposits deducted pursuant to this chapter, the number of taxpayers who submitted an account to the department pursuant to subdivision (a)(3) of Section 24-11-5, and the number of taxpayers who claimed a first-time and second chance home buyer deduction that did not expend the funds pursuant to subsection (e) of Section 24-11-7, or were subjected to the penalty provisions of Section 24-11-8.
Structure Code of Alabama
Chapter 11 - Alabama First-Time and Second Chance Home Buyer Savings Account Act.
Section 24-11-1 - Short Title.
Section 24-11-2 - Legislative Declaration.
Section 24-11-3 - Definitions.
Section 24-11-4 - Establishment and Use of First-Time and Second Chance Home Buyer Savings Account.
Section 24-11-5 - Account Holder Responsibilities.
Section 24-11-6 - Responsibilities of Financial Institutions.
Section 24-11-7 - Deduction of Contributions, Exclusion of Earnings, and Limitations.
Section 24-11-8 - Penalty for Withdrawal for Purpose Other Than Eligible Costs.