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§ 317. Withdrawal of funds for other purposes--Penalty

Oklahoma Statutes AnnotatedTitle 46. MortgagesEffective: January 1, 2020

Oklahoma Statutes Annotated
Title 46. Mortgages (Refs & Annos)
Chapter 6. First-Time Home Buyer Savings Account Act
Effective: January 1, 2020
46 Okl.St.Ann. § 317
§ 317. Withdrawal of funds for other purposes--Penalty
Currentness
Except as otherwise authorized by subsection B of Section 4 of this act,1 if the account holder withdraws any funds from a home buyer savings account for a purpose other than eligible costs for the purchase of a single-family residence, such funds shall be included in the account holder's taxable income and the account holder shall pay a penalty to the Oklahoma Tax Commission equal to ten percent (10%) of the amount withdrawn. Such penalty shall not apply to funds withdrawn from an account that were:
1. Withdrawn by reason of the account holder's death or disability;
2. A disbursement of assets of the account pursuant to a filing for protection under the United States Bankruptcy Code, 11 U.S.C. § 101 et seq.; or
3. Transferred from an account established under this act into another account established under this act in accordance with subsection B of Section 4 of this act.

Credits

Laws 2019, c. 186, § 7, eff. Jan. 1, 2020.

Footnotes

1
Title 46, § 314.
46 Okl. St. Ann. § 317, OK ST T. 46 § 317
Current with emergency effective legislation through Chapter 29 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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