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and the account holder shall pay a penalty to the Oklahoma Tax Commission equal to ten percent (10%) of the amount withdrawn. Such penalty shall not apply to funds withdrawn from an account that were: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 Withdrawn by reason of the account holder's death or disability;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.
Added by Laws 2019, c. 186, § 7, eff. Jan. 1, 2020.
Structure Oklahoma Statutes
§46-1. Absolute deed as mortgage.
§46-1.1. Deed of trust subject to mortgage laws.
§46-2. Conveyance by holder of deed intended as security as assignment.
§46-5. Mortgage follows property passing by succession or will.
§46-6. Formalities similar to deeds.
§46-8. Grant intended as mortgage recorded as mortgage.
§46-10. Separate instrument recorded.
§46-11. Defeasance must be recorded.
§46-12. Assignment - Unrecorded - Payment.
§46-15. Holder must release - Penalty - Definitions.
§46-18. Certificate of county treasurer.
§46-20. Issuance of title protection document - Notice - Waiver.
§46-44. Notice of intent to foreclose by power of sale.
§46-45. Notice of sale - Time and place of sale.
§46-46. Sale of property - Postponed, continued, changed or relocated sale.
§46-47. Closing of sale - Deed.
§46-48. Disposition of sale proceeds.
§46-49. Termination of power of sale proceeding.
§46-202. Indefinite reference to mortgage in subsequent deed or mortgage - Effect.
§46-203. Indefinite reference defined.
§46-311. Short title - Oklahoma First-Time Home Buyer Savings Account Act.
§46-313. Designation of account – Designation of beneficiary.
§46-314. Duties of account holders.
§46-315. Duties and liabilities of financial institutions.
§46-316. Deduction from taxable income – Exclusion from taxable income.