58-4906 Financial institutions; actions not responsible or liable for.
58-4906. Financial institutions; actions not responsible or liable for. (a) No financial institution shall be required to: (1) Designate an account as a first-time home buyer savings account or designate the beneficiaries of an account in the financial institution’s account contracts or systems or in any other way; (2) track the use of moneys withdrawn […]
58-4901 Citation of act.
58-4901. Citation of act. K.S.A. 2021 Supp. 58-4901 through 58-4906, and amendments thereto, shall be known and may be cited as the first-time home buyer savings account act. History: L. 2021, ch. 102, § 1; July 1.
58-4902 Definitions.
58-4902. Definitions. As used in the first-time home buyer savings account act: (a) “Account” or “first-time home buyer savings account” means an individual savings account established in accordance with the provisions of this act. (b) “Account holder” means an individual who establishes an account that is designated as a first-time home buyer savings account pursuant […]
58-4903 Designation of first-time home buyer savings account; designated beneficiary; contribution limits; responsibilities of account holder.
58-4903. Designation of first-time home buyer savings account; designated beneficiary; contribution limits; responsibilities of account holder. (a) On and after July 1, 2022, any individual may open an account with a financial institution and designate the account, in its entirety, as a first-time home buyer savings account to be used to pay or reimburse a […]
58-4904 Use of account moneys; withdrawals; subject to recapture, when; penalty.
58-4904. Use of account moneys; withdrawals; subject to recapture, when; penalty. (a) (1) The moneys in a first-time home buyer savings account may be: (A) Used for eligible expenses related to a designated beneficiary’s purchase or construction of a primary residence located in this state; (B) used for eligible expenses related to a designated beneficiary’s […]
58-4905 Annual reporting; forms; rules and regulations.
58-4905. Annual reporting; forms; rules and regulations. (a) The secretary shall establish forms for an account holder to annually report information about any accounts held by such account holder. An account holder shall annually file with the account holder’s state income tax return all forms required by the secretary under this section, the form 1099 […]