Okla. Stat. tit. 56, § 56-257
This is the official text of Okla. Stat. tit. 56, § 56-257, part of Oklahoma’s Stat. tit. 56, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 56,." Browse the sections below, each linked to its official government source.
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Permitted uses of individual development accounts
Official statutory text
Individual development accounts may be used for any of the
following qualified purposes:
1. Qualified acquisition costs with respect to a qualified
principal residence for a qualified home buyer, or the costs of
major repairs or improvements to a qualified principal residence, if
paid directly to the persons to whom the amounts are due;
2. Amounts paid directly to a business capitalization account
which is established in a federally insured financial institution
and is restricted to use solely for qualified business
capitalization expenses consistent with a qualified plan;
3. Postsecondary educational expenses paid directly to an
eligible educational institution;
4. Amounts paid directly to an individual retirement account or
education IRA established pursuant to federal law in the name of the
IDA account holder or an immediate family member thereof; and
5. Qualified acquisition costs with respect to purchase of an
automobile, or costs of repair of an automobile, if paid directly to
a licensed automobile dealer or repair shop.
following qualified purposes:
1. Qualified acquisition costs with respect to a qualified
principal residence for a qualified home buyer, or the costs of
major repairs or improvements to a qualified principal residence, if
paid directly to the persons to whom the amounts are due;
2. Amounts paid directly to a business capitalization account
which is established in a federally insured financial institution
and is restricted to use solely for qualified business
capitalization expenses consistent with a qualified plan;
3. Postsecondary educational expenses paid directly to an
eligible educational institution;
4. Amounts paid directly to an individual retirement account or
education IRA established pursuant to federal law in the name of the
IDA account holder or an immediate family member thereof; and
5. Qualified acquisition costs with respect to purchase of an
automobile, or costs of repair of an automobile, if paid directly to
a licensed automobile dealer or repair shop.
Status: in_force · Read it on the official government site
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