Supplement: AL HB171 | 2022 | Regular Session | HB171 for Ways and Means Education
For additional supplements on Alabama HB171 please see the Bill Drafting List
Bill 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.
Status: 2022-03-31 - Forwarded to Governor at 1:13 p.m. on March 31, 2022. [HB171 Detail]
Download: Alabama-2022-HB171-HB171_for_Ways_and_Means_Education.html
Bill 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.
Status: 2022-03-31 - Forwarded to Governor at 1:13 p.m. on March 31, 2022. [HB171 Detail]
Download: Alabama-2022-HB171-HB171_for_Ways_and_Means_Education.html
| Committee: Ways and Means Education | Sponsor: South |
| Analyst: John Friedenreich | Date: 02/15/2022 |
FISCAL NOTE
House Bill 171 as introduced would amend the Alabama First-time and Second Chance Home Buyer Savings Account Act to 1) allow an individual tax filer an additional five years to claim a deduction on individual income taxes; and 2) extend the sunset provision of this act from March 28, 2023, currently, to December 31, 2028. Based on deductions claimed in tax year 2020, this bill would reduce income tax receipts to the Education Trust Fund by an estimated $150,000 annually for each year this program is extended.
Additionally, this bill will further increase the administrative obligations of the Department of Revenue to collect and provide additional information for the annual report.
| Danny Garrett, Chair Ways and Means Education |
