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.
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.