§ 39-22-4701. Short Title

The short title of this part 47 is the “First-time Home Buyer Savings Account Act”. Source: L. 2016: Entire part added, (HB 16-1467), ch. 321, p. 1302, § 2, effective August 10.

§ 39-22-4702. Legislative Declaration

The general assembly declares that the purpose for allowing taxable income to be reduced by earnings from a first-time home buyer savings account is to encourage first-time home ownership through incentivizing saving for a down payment and closing costs because of the significant financial and civic benefits home ownership provides for our state. Source: L. […]

§ 39-22-4703. Definitions

As used in this part 47, unless the context otherwise requires: “Account holder” means an individual who establishes an account with a financial institution that is designated as a first-time home buyer savings account in accordance with section 39-22-4704. “Department” means the department of revenue. “Eligible expenses” means a down payment and any closing costs […]

§ 39-22-4704. First-Time Home Buyer Savings Account

Beginning January 1, 2017, 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 qualified beneficiary’s eligible expenses for the purchase of a primary residence in Colorado. An individual may be the account […]

§ 39-22-4705. Eligible Expenses – Penalties for Other Uses

For purposes of the income tax benefit conferred under this part 47, the money in a first-time home buyer savings account may be: Used for eligible expenses related to a qualified beneficiary’s purchase of his or her primary residence in the state; Used for eligible expenses related to a qualified beneficiary’s purchase of his or […]

§ 39-22-4706. Forms

The department shall establish forms for an account holder to annually report information about a first-time home buyer savings account, including, but not limited to, how the money from the fund is used, and identify any supporting documentation that is required to be maintained. To be eligible for the subtraction in section 39-22-104 (4)(w), an […]

§ 39-22-4707. Financial Institutions

A financial institution is not required to: 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of an account, in the financial institution’s account contracts or systems or in any other way; Track the use of money withdrawn from a first-time home buyer savings account; or Report any information to […]