Catastrophe savings accounts, required to be held in Alabama banks, credit unions, or veterans financial institutions and approved by the Commissioner of Insurance

Summary

The bill creates a specific type of savings account that homeowners can use to cover insurance deductibles, fortified endorsements, or mitigation costs after windstorm damage. Each taxpayer may open only one account, and it must be held at an Alabama‑based bank, credit union, or veteran‑related financial institution. The rule applies to tax years beginning on or after Jan. 1, 2027.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

Topics

Share