Section 541B.1 – Short title.

541B.1 Short title. This chapter may be cited as the “Iowa First-Time Homebuyer Savings Account Act”. 2017 Acts, ch 116, §3

Section 541B.2 – Definitions.

541B.2 Definitions. As used in this chapter, unless the context otherwise requires: 1. “Account holder” means an individual who establishes, either individually or jointly with the individual’s spouse, a first-time homebuyer savings account pursuant to section 541B.3. 2. “Department” means the department of revenue. 3. “Designated beneficiary” means an individual meeting the requirements of section […]

Section 541B.3 – First-time homebuyer savings account.

541B.3 First-time homebuyer savings account. 1. Establishment of account. a. Beginning January 1, 2018, an individual may open an interest-bearing savings account with a financial institution and designate the entire account as a first-time homebuyer savings account for the purpose of paying or reimbursing a designated beneficiary’s eligible home costs in connection with a qualified […]

Section 541B.4 – Account administration — account holder responsibilities.

541B.4 Account administration — account holder responsibilities. 1. Account contributions. Contributions to a first-time homebuyer savings account may be made by any person in the form of cash. There is no limitation on the amount of contributions that may be made to or retained in a first-time homebuyer savings account. 2. Account expenses. The account […]

Section 541B.5 – Financial institution protections.

541B.5 Financial institution protections. Nothing in this chapter shall be construed to require a financial institution to do any of the following, or to be responsible or liable for any of the following: 1. Designate or label within the financial institution’s account contracts, systems, or in any other manner, an account as a first-time homebuyer […]

Section 541B.6 – Tax considerations.

541B.6 Tax considerations. The state income tax treatment of a first-time homebuyer savings account shall be as provided in section 422.7, subsection 41, and section 422.9, subsection 2, paragraph “k”. 2017 Acts, ch 116, §8 For future amendment to this section, effective January 1, 2023, see 2018 Acts, ch 1161, §132 – 134; 2021 Acts, […]

Section 541B.7 – Rules and forms.

541B.7 Rules and forms. 1. The department shall adopt rules to implement and administer this chapter. 2. The department shall create and make available forms to be used in complying with this chapter, including but not limited to the following: a. A form for designating an account as a first-time homebuyer savings account pursuant to […]