Okla. Stat. tit. 46, § 46-317
This is the official text of Okla. Stat. tit. 46, § 46-317, 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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Withdrawal of funds for other purposes - Penalty
Official statutory text
Except as otherwise authorized by subsection B of Section 4 of
this act, 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ten percent (10%) of the amount withdrawn.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apply to funds withdrawn from an account that were: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 Withdrawn by reason of the account holder's death or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.
this act, 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ten percent (10%) of the amount withdrawn.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apply to funds withdrawn from an account that were: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 Withdrawn by reason of the account holder's death or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.
Status: in_force · Read it on the official government site
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