HB171 Alabama 2022 Session
Signed by Governor
Bill Summary
Sponsors
Session
Regular Session 2022
Title
Home buyers, extend the ability to create a first-time and second chance home buyer savings account in banks or financial institutions, extend term of account, responsibilities further defined of account holders, Revenue Dept to report additional information, Secs. 24-11-5, 24-11-7, 24-11-10 am'd.
Description
<p class="bill_description"> 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</p><p class="bill_description">
The act also limited the term of a first-time home
buyer savings account to five years</p><p class="bill_description">
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</p><p class="bill_description">
This bill would extend the term of a
first-time and second chance home buyer savings
account to expire December 31, 2028</p><p class="bill_description">
This bill would further define the
responsibilities of the account holder and require
documentation to substantiate the account
transactions and credit claims</p><p class="bill_description">
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</p><p class="bill_entitled_an_act"> To amend Sections 24-11-5, 24-11-7, and 24-11-10,
Code of Alabama 1975, relating to first-time and second chance
home buyer savings accounts; to extend the ability to create a
first-time and second chance home buyer savings account; to
allow deposits for ten years; to define the account holder's
responsibilities; and to require the Department of Revenue to
report additional information.
</p>
Subjects
Home Buyers
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| March 31, 2022 | H | Forwarded to Governor at 1:13 p.m. on March 31, 2022. |
| March 31, 2022 | H | Assigned Act No. 2022-223. |
| March 31, 2022 | H | Clerk of the House Certification |
| March 31, 2022 | S | Signature Requested |
| March 31, 2022 | H | Enrolled |
| March 31, 2022 | H | Passed Second House |
| March 31, 2022 | S | Motion to Read a Third Time and Pass adopted Roll Call 901 |
| March 31, 2022 | S | Third Reading Passed |
| March 29, 2022 | S | Read for the second time and placed on the calendar |
| March 1, 2022 | S | Read for the first time and referred to the Senate committee on Finance and Taxation Education |
| February 24, 2022 | H | Engrossed |
| February 24, 2022 | H | Motion to Read a Third Time and Pass adopted Roll Call 326 |
| February 24, 2022 | H | Motion to Adopt adopted Roll Call 325 |
| February 24, 2022 | H | Ways and Means Education Amendment Offered |
| February 24, 2022 | H | Third Reading Passed |
| February 16, 2022 | H | Read for the second time and placed on the calendar 1 amendment |
| January 18, 2022 | H | Read for the first time and referred to the House of Representatives committee on Ways and Means Education |
Bill Calendar
| Type | Date | Location | Description |
|---|---|---|---|
| Hearing | March 29, 2022 | Room 825 **Bill Added** at 11:00 | Senate F&TE Hearing |
| Hearing | February 16, 2022 | Room 200 at 09:00 | House W&ME Hearing |
Bill Text
Bill Votes
Bill Documents
| Type | Link |
|---|---|
| Bill Text | HB171 Alabama 2022 Session - Introduced |
| Bill Text | HB171 Alabama 2022 Session - Engrossed |
| Bill Text | HB171 Alabama 2022 Session - Enrolled |
| Bill Amendments | House Ways and Means Education first Amendment Offered |
| Fiscal Note | Fiscal Note - HB171 for Ways and Means Education |
| Fiscal Note | Fiscal Note - HB171 for Ways and Means Education |
| Fiscal Note | Fiscal Note - HB171 for Finance and Taxation Education |