Cosponsors Added
Yes
75
Absent
27
HB248 Alabama 2018 Session
Updated Apr 26, 2021
HB248 Alabama 2018 Session
House Bill
Enacted
Current Status
Regular Session 2018
Session
1
Sponsor
Summary
- Primary Sponsor
-
Kyle South RepresentativeRepublican - Session
- Regular Session 2018
- Title
- Home buyers, first-time, savings accounts authorized to save funds for a down payment and closing costs, income tax deduction for contributions
- Description
This bill would create the Alabama First-time Home Buyer Savings Account Act.
This bill would allow first-time home buyers to establish a first-time home buyer savings account to save funds for a down payment and closing costs for the purchase of a home.
This bill would provide the holder of a first-time home buyer savings account with a state tax deduction of up to $6,000 per year for funds contributed to an individual first-time home buyer savings account or up to $12,000 per year for joint account holders filing a joint tax return for a period not to exceed five years. The bill also provides that the earnings from the first time home buyer account are excluded from taxable income.
This bill would provide a penalty for the withdrawal of funds from a first-time home buyer savings account for a purpose other than the payment of down payment or allowable closing costs for the purchase of a first home in Alabama.
- Subjects
- Banks and Banking
Bill Actions
H
Forwarded to Governor on March 22, 2018 at 2:22 p.m. on March 22, 2018.
H
Ways and Means Education first Amendment Offered
H
Assigned Act No. 2018-467.
H
Clerk of the House Certification
H
Enrolled
S
Signature Requested
S
Concurred in Second House Amendment
H
South motion to Concur In and Adopt adopted Roll Call 1004
H
Concurrence Requested
S
Motion to Read a Third Time and Pass adopted Roll Call 948
S
Orr motion to Adopt adopted Roll Call 947
S
Orr Amendment Offered
S
Orr motion to Adopt adopted Roll Call 946
S
Orr Amendment Offered
S
Third Reading Passed
S
Read for the second time and placed on the calendar
S
Re-referred to Committee on Finance and Taxation Education
S
Read for the first time and referred to the Senate committee on Banking and Insurance
H
Engrossed
H
Cosponsors Added
H
Motion to Read a Third Time and Pass adopted Roll Call 211
H
Motion to Adopt adopted Roll Call 210
H
Clarke Amendment Offered
H
Motion to Adopt adopted Roll Call 209
H
Collins Amendment Offered
H
Motion to Adopt adopted Roll Call 208
H
Ways and Means Education Amendment Offered
H
Third Reading Passed
H
Read for the second time and placed on the calendar 1 amendment
H
Rereferred from FR to W&ME
H
Read for the first time and referred to the House of Representatives committee on Financial Services
Bill Text
Votes
Motion to Read a Third Time and Pass
Yes
95
Abstained
3
Absent
4
Motion to Adopt
Yes
94
Abstained
2
Absent
6
Motion to Adopt
Yes
93
Abstained
1
Absent
8
Motion to Adopt
Yes
95
Abstained
1
Absent
6
Orr motion to Adopt
Yes
22
No
2
Absent
10
Orr motion to Adopt
Yes
21
No
2
Absent
11
Motion to Read a Third Time and Pass
Yes
22
No
2
Absent
10
South motion to Concur In and Adopt
Yes
97
Absent
5
Documents
Bill Text (Enrolled)
HB248 Alabama 2018 Session - Enrolled
Bill Text (Engrossed)
HB248 Alabama 2018 Session - Engrossed
Bill Text (Introduced)
HB248 Alabama 2018 Session - Introduced
Source: Alabama Legislature