Okla. Stat. tit. 46, § 46-314
This is the official text of Okla. Stat. tit. 46, § 46-314, part of Oklahoma’s Stat. tit. 46, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 46,." Browse the sections below, each linked to its official government source.
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Duties of account holders
Official statutory text
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.
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.
Status: in_force · Read it on the official government site
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