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  1. Bama Politics
  2. Alabama
  3. Alabama House & Senate Bills
  4. 2018 Alabama Legislative Regular Session
  5. 2018 Alabama Senate Bills
  6. SB201 Alabama 2018 Session

SB201 Alabama 2018 Session

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In Committee

Bill Summary

Sponsors
  • Trip Pittman
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

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

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.

Subjects
Banks and Banking

Bill Actions

Action DateChamberAction
January 23, 2018SRead for the first time and referred to the Senate committee on Banking and Insurance

Bill Calendar

TypeDateLocationDescription
HearingJanuary 31, 2018Room 320 at 11:30Senate B&I Hearing
HearingMarch 15, 2017Room 410 at 09:00House TU&I Hearing

Bill Text

Download SB201 Alabama 2018 Session PDF

Bill Documents

TypeLink
Bill Text SB201 Alabama 2018 Session - Introduced
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