HB 27

This act amends Sections 40-18-310, 40-18-311, and 40-18-312, Code of Alabama 1975, for tax years beginning on or after January 1, 2027, to: (1) revise the residential property for which a catastrophe savings account may be established; (2) add costs of fortified endorsements to supplement insurance policies and mitigation action costs to qualified catastrophe expenses; (3) increase the amounts that may be contributed to accounts by $15,000 for qualified catastrophe expenses; and (4) remove the prohibition that taxpayers receiving nontaxable distributions may not make further contributions.