(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).
Structure Code of Alabama
Chapter 14 - Individual Development Account Program.
Section 38-14-1 - Definitions.
Section 38-14-2 - Establishment of Account.
Section 38-14-3 - Matching Funds.
Section 38-14-4 - Withdrawals and Reimbursements.
Section 38-14-5 - Financial Literacy Education.
Section 38-14-6 - Source of Deposits; Limitations on Deposits.
Section 38-14-7 - Exclusion From Gross Income.
Section 38-14-8 - Selection of Fiduciary Organizations.
Section 38-14-9 - Administration of Accounts.
Section 38-14-10 - Eligibility for Means-Tested Public Benefits.