The Department of Revenue shall adopt forms for the following:

(1) The designation of an account with a financial institution to serve as a first-time and second chance home buyer savings account.
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Terms Used In Alabama Code 24-11-9

  • following: means next after. See Alabama Code 1-1-1
  • year: means a calendar year; but, whenever the word "year" is used in reference to any appropriations for the payment of money out of the treasury, it shall mean fiscal year. See Alabama Code 1-1-1
(2) An account holder to annually submit to the Department of Revenue detailed information regarding the first-time and second chance home buyer savings account, including, but not limited to, a list of transactions for the account during the tax year and identifying any supporting documentation required to be maintained by the account holder.
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