Alabama HB615 mandates catastrophe savings accounts for windstorm events be held in Alabama banks, credit unions, or veterans financial institutions.

Alabama HB615 amends existing law to require catastrophe savings accounts for windstorm events to be held in Alabama banks, credit unions, or veterans financial institutions. These accounts cover insurance deductibles, FORTIFIED endorsement costs, and mitigation actions for hurricane, rising floodwaters, or other catastrophic windstorm events. The accounts must be labeled as catastrophe savings accounts and are limited to one per taxpayer. This act applies to tax years beginning on or after January 1, 2027, and becomes effective on October 1, 2026.

Alabama HB615 mandates catastrophe savings accounts for windstorm events be held in Alabama banks, credit unions, or veterans financial institutions.

Alabama HB615 amends existing law to require catastrophe savings accounts for windstorm events to be held in Alabama banks, credit unions, or veterans financial institutions. These accounts cover insurance deductibles, FORTIFIED endorsement costs, and mitigation actions for hurricane, rising floodwaters, or other catastrophic windstorm events. The accounts must be labeled as catastrophe savings accounts and are limited to one per taxpayer. This act applies to tax years beginning on or after January 1, 2027, and becomes effective on October 1, 2026.