SB201 Alabama 2018 Session

Sponsors

Session

Regular Session 2018

Title

First-time home buyers, to establish ability to open first-time home buyer savings accounts to save funds for a down payment and closing costs and establish a tax deduction for contributions to the account

Description

<p class="bill_description"> This bill would create the Alabama First-time Home Buyer Savings Account Act</p><p class="bill_description"> 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</p><p class="bill_description"> 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</p><p class="bill_description"> 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</p><p class="bill_entitled_an_act"> Relating to first-time home buyers; to establish a first-time home buyer savings account; and to allow a tax deduction for contributions made to the account and a tax exclusion on earnings from the account to provide qualified first-time home buyers with meaningful incentives to save funds for the purchase of a first home in Alabama. </p>

Subjects

Banks and Banking