Or. Admin. Code § 150-316-0607
Current through Register Vol. 63, No. 12, December 1, 2024
Section 150-316-0607 - First-time Home Buyer Savings Account(1) Annual statement. Financial institutions must issue an annual statement (or certificate) to each account holder at the end of each calendar tax year, by January 31 of the following year. The annual statement must include all transactions that occurred during the calendar year, along with the following information:(a) A title or account type indicating that the account is a first-time home buyer savings account;(b) The name of the account holder, or account holders if a joint account;(c) The date the account was created;(d) The date and amount of each deposit into the account during the calendar year;(e) The date and amount of each withdrawal from the account during the calendar year;(f) The amount of earnings accumulated in the account; and(g) The balance of the account at the beginning and end of the calendar year.(2) Transfers. (a) An account holder cannot have more than one first-time home buyer savings account at a time.(b) An account holder may withdraw funds from a first-time home buyer savings account and deposit the funds into a new first-time home buyer savings account at the same or a different financial institution. To avoid the penalty for early withdrawal (five percent of the withdrawal) and the requirement to add back previously subtracted amounts, transfer of funds withdrawn from the existing account into the new account must be completed within 60 calendar days of the withdrawal. If all of the funds are not transferred into the new account, the account holder may avoid the penalty and add back on the funds kept in the old account if those funds are spent on eligible costs within the 60-day period or if the account holder is exempt from imposition of the penalty.Or. Admin. Code § 150-316-0607
REV 28-2018, adopt filed 12/28/2018, effective 1/1/2019Statutory/Other Authority: ORS 305.100
Statutes/Other Implemented: Oregon Laws 2018, Chapter 109