April 15, 2022, 5:00 AM
The Alabama Governor April 4 signed a law concerning first-time and second chance home buyer savings accounts, for individual income tax purposes. The law includes measures: 1] providing that account holders’ failure to submit specified documentations on an annual basis with their tax return will result in the automatic denial of tax deductions and exclusions; 2] increasing the time for account holders to claim deductions and exclusions 10 years from five years; 3] disallowing taxpayers from establishing a first-time and second chance home buyer savings account after Dec. 31, 2028; and 4] including in an account holder’s taxable income first-time …
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