A. The account holder of a home buyer savings account:
1. Shall not use funds held in a home buyer savings account to pay expenses of administering the account, except that a service fee may be deducted from the account by a financial institution in which the account is held;
2. Shall submit to the Oklahoma Tax Commission, with the account holder's Oklahoma income tax return:
a.on forms prepared by the Oklahoma Tax Commission, detailed information regarding the home buyer savings account, including a list of transactions for the account during the tax year, and
b.The Form 1099 issued by the financial institution for such account; and
3. Shall submit to the Oklahoma Tax Commission, upon a withdrawal of funds from a home buyer savings account, a detailed account of the eligible costs toward which the account funds were applied and a statement of the amount of funds remaining in the account, if any.
B. An account holder may withdraw funds, in whole or in part, from a home buyer savings account and deposit the funds in a new home buyer savings account held by a different financial institution or the same financial institution.
Added by Laws 2019, c. 186, § 4, eff. Jan. 1, 2020.
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