Under existing law, the 2018 Alabama First-time and Second Chance Home Buyer Savings Account Act allows first-time and second chance home buyers to create savings accounts to save toward the down payment and closing costs of a home. The act placed a five-year limit on the creation of first-time home buyer savings accounts.
The act also limited the term of a first-time home buyer savings account to five years.
This bill would extend by five years the ability for first-time and second chance home buyers to create a first-time and second chance home buyer savings account.
This bill would extend the term of a first-time and second chance home buyer savings account to expire December 31, 2028.
This bill would further define the responsibilities of the account holder and require documentation to substantiate the account transactions and credit claims.
This bill would also require the Department of Revenue to report the number of reports received by the department from account holders who have expended funds from a savings account to purchase a home.
Forwarded to Governor at 1:13 p.m. on March 31, 2022.
Assigned Act No. 2022-223.
Clerk of the House Certification
Signature Requested
Enrolled
Passed Second House
Motion to Read a Third Time and Pass adopted Roll Call 901
Third Reading Passed
Read for the second time and placed on the calendar
Read for the first time and referred to the Senate committee on Finance and Taxation Education
Engrossed
Motion to Read a Third Time and Pass adopted Roll Call 326
Motion to Adopt adopted Roll Call 325
Ways and Means Education Amendment Offered
Third Reading Passed
Read for the second time and placed on the calendar 1 amendment
Read for the first time and referred to the House of Representatives committee on Ways and Means Education
Source: Alabama Legislature