Effective - 28 Aug 2018
443.1005. Use of account moneys — withdrawals, subject to recapture, when, penalties — death of account holder, effect of. — 1. (1) For purposes of the tax benefit conferred under the first-time home buyer savings account act, the moneys in a first-time home buyer savings account may be:
(a) Used for eligible expenses related to a qualified beneficiary's purchase of his or her primary residence located in this state;
(b) Used for eligible expenses related to a qualified beneficiary's purchase of his or her primary residence located outside this state if the qualified beneficiary is active-duty military and was stationed in Missouri for any time after the creation of the account;
(c) Used for expenses that would have qualified under paragraph (a) or (b) of this subdivision, but the contract for purchase did not close;
(d) Transferred to another newly created first-time home buyer savings account; and
(e) Used to pay a service fee that is deducted by the financial institution.
(2) Subdivision (1) of this subsection* shall apply whether the qualified beneficiary is the sole owner of the primary residence or joint owner with another person who does not qualify as a qualified beneficiary. Moneys in a first-time home buyer savings account shall not be used for the purposes under paragraphs (a), (b), and (c) of subdivision (1) of this subsection related to the purchase of a manufactured or mobile home that is not taxed as real property.
(3) The title of any home purchased with moneys from a first-time home buyer savings account shall not transfer for at least two years unless reasonable circumstances exist that were unforeseen at the time the home was purchased. The first-time home buyer shall request an exception from the department.
2. Moneys withdrawn from a first-time home buyer savings account shall be subject to recapture in the tax year in which they are withdrawn if:
(1) At the time of the withdrawal, it has been less than a year since the first deposit in the first-time home buyer savings account; or
(2) The moneys are used for any purpose other than those specified under subsection 1 of this section.
The recapture shall be an amount equal to the moneys withdrawn and shall be added to the Missouri adjusted gross income of the account holder or, if the account holder is not living, the qualified beneficiary.
3. If any moneys are subject to recapture under subsection 2 of this section, the account holder shall pay to the department a penalty in the same tax year as the recapture. If the withdrawal was made ten or fewer years after the first deposit in the first-time home buyer savings account, the penalty shall be equal to five percent of the amount subject to recapture, and, if the withdrawal was made more than ten years after the first deposit in the account, the penalty shall be equal to ten percent of the amount subject to recapture. These penalties shall not apply if:
(1) The withdrawn moneys are used for eligible expenses related to a qualified beneficiary's purchase of his or her primary residence outside of the state; or
(2) The withdrawn moneys are from a first-time home buyer savings account for which the qualified beneficiary died, and the account holder does not designate a new qualified beneficiary during the same tax year.
4. If the account holder dies or, if the first-time home buyer savings account is jointly owned, the account holders die and the account does not have a surviving transfer-on-death beneficiary, then all of the moneys in the account that were used for a tax deduction under section 143.1150 shall be subject to recapture in the tax year of the death or deaths, but no penalty shall be due to the department.
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(L. 2018 H.B. 1796)
*Word "section" appears in original rolls.
Structure Missouri Revised Statutes
Title XXIX - Ownership and Conveyance of Property
Chapter 443 - Mortgages, Deeds of Trust and Mortgage Brokers
Section 443.005 - Security instrument defined.
Section 443.020 - Claim of such extension barred, when.
Section 443.030 - Prior acknowledgment of deed of trust deemed valid.
Section 443.060 - Acknowledgment of satisfaction and release, how made.
Section 443.070 - Affidavit required with deed of release, when — penalty for failure.
Section 443.090 - Part of property may be released, how.
Section 443.120 - Penalty for making false affidavit.
Section 443.130 - Liability for failing to satisfy — demand by certified mail required.
Section 443.140 - Attorney in fact may enter satisfaction.
Section 443.150 - Acknowledgment and satisfaction — how made by a corporation.
Section 443.160 - Personal representative may satisfy and deliver deed or release.
Section 443.170 - Penalty for failing to acknowledge satisfaction and deliver deed of release.
Section 443.180 - Sections 443.160 and 443.170 construed.
Section 443.185 - Releases of mortgages or deeds of trust defective — deemed valid, when.
Section 443.190 - Petition to foreclose, where filed.
Section 443.200 - Petition, where filed.
Section 443.210 - Proceedings to be as in civil actions.
Section 443.220 - Who may be made parties.
Section 443.230 - Judgment on constructive notice.
Section 443.240 - Judgment on personal service.
Section 443.250 - Proceedings where mortgagee, secured party, mortgagor or debtor dies.
Section 443.260 - Judgment when personal representative is party defendant.
Section 443.270 - Execution to be a special fieri facias.
Section 443.280 - Title which purchaser acquires.
Section 443.290 - Mortgages and security agreements with power of sale.
Section 443.300 - Death of debtor, foreclosure stayed.
Section 443.310 - Sales, where made — number of days' notice.
Section 443.320 - Notice, contents — how published.
Section 443.330 - Trustee failing to execute trust, parties interested may proceed, how.
Section 443.355 - Continuance of sale by trustee without readvertisement, manner — restrictions.
Section 443.360 - Compensation of trustees under trust deeds.
Section 443.370 - Penalty for overcharging.
Section 443.380 - Recitals in deed prima facie evidence.
Section 443.400 - Redemption before sale.
Section 443.410 - Foreclosures by trustee's sale — how made — redemption.
Section 443.415 - Mortgage may be insured for certain buyers, amount, requirements.
Section 443.420 - Notice of redemption — how given, rights.
Section 443.430 - Motion for approval of bond for redemption — hearing — receiver — additional bond.
Section 443.440 - Certificate of sale — upon failure to redeem, deed to be executed.
Section 443.453 - Financial institutions to pay property tax, how.
Section 443.454 - Enforcement and servicing of real estate loans, federal and state law preemption.
Section 443.701 - Citation of law.
Section 443.703 - Definitions.
Section 443.706 - Licensure required, when — effective date — exemptions.
Section 443.707 - Loan processors and underwriters, license required.
Section 443.709 - Rulemaking authority — expedited review and licensing procedures permitted, when.
Section 443.713 - Findings required for licensure.
Section 443.717 - Prelicensing education requirements.
Section 443.719 - Written test required, test measures — minimum competency requirements.
Section 443.721 - Renewal of licensure, minimum standards.
Section 443.723 - Continuing education requirements.
Section 443.725 - Duties of director — rule requirements authorized.
Section 443.727 - Challenge of information in NMLSR.
Section 443.729 - Supervision and enforcement — civil penalty.
Section 443.731 - Surety bond requirements.
Section 443.733 - Supervisory information sharing — confidentiality requirements.
Section 443.735 - Investigations and examinations, authority of director.
Section 443.739 - Reports of condition required.
Section 443.741 - Violations, director required to report.
Section 443.745 - Unique identifier to be shown on applications, solicitations, or advertisements.
Section 443.747 - Severability clause — rulemaking authority.
Section 443.805 - License required to broker residential mortgage.
Section 443.807 - Director, power to request injunction, when.
Section 443.809 - Examination, powers of director to inspect records of licensed persons.
Section 443.810 - Penalty for violations.
Section 443.823 - Licenses to be issued in duplicate, effective when.
Section 443.825 - Application content, oath and form — fingerprinting, when.
Section 443.830 - License refused — grounds.
Section 443.841 - License to be displayed.
Section 443.849 - Bonding requirements.
Section 443.855 - Advertising of mortgage loans, rulemaking authority.
Section 443.863 - Unlawful discrimination for refusal to loan or vary terms of the loan.
Section 443.865 - Escrow accounts, placement by brokers — authority for rules.
Section 443.867 - Disclosure statement required of brokers, content — fee — compensation.
Section 443.869 - Powers and duties of director — rulemaking authority.
Section 443.875 - Bond may be required, conditioned on compliance with subpoena, when.
Section 443.877 - Writ of attachment authorized on failure to comply with subpoena.
Section 443.879 - Reports required, failure to comply, penalty.
Section 443.881 - Suspension or revocation of license, grounds — procedure, penalties.
Section 443.885 - Report to be filed with director annually, contents.
Section 443.887 - General rulemaking powers of director.
Section 443.893 - Receiver or conservator to be appointed by court, when — attorney general's duty.
Section 443.901 - Reverse mortgage act — definitions.
Section 443.903 - Reverse mortgage regulations.
Section 443.906 - Reverse mortgage may be made regardless of certain other transactions.
Section 443.909 - Treatment of payments for certain purposes.
Section 443.912 - Statement regarding counseling services on reverse mortgages.
Section 443.930 - Prohibited acts — constitutes mortgage fraud — no private right of action created.
Section 443.1001 - Citation of law.
Section 443.1003 - Definitions.
Section 443.1006 - Annual reporting, forms — rulemaking authority.
Section 443.1007 - Financial institutions, actions not responsible or liable for.