Section 462D.01 — Citation.

462D.01 CITATION. This chapter may be cited as the “First-Time Home Buyer Savings Account Act.” History: 1Sp2017 c 1 art 1 s 36

Section 462D.02 — Definitions.

462D.02 DEFINITIONS. Subdivision 1. Definitions. For purposes of this chapter, the following terms have the meanings given. Subd. 2. Account holder. “Account holder” means an individual who establishes, individually or jointly with one or more other individuals, a first-time home buyer savings account. Subd. 3. Allowable closing costs. “Allowable closing costs” means a disbursement listed […]

Section 462D.03 — Establishment Of Accounts.

462D.03 ESTABLISHMENT OF ACCOUNTS. Subdivision 1. Accounts established. An individual may open an account with a financial institution and designate the account as a first-time home buyer savings account to be used to pay or reimburse the designated qualified beneficiary’s eligible costs. Subd. 2. Designation of qualified beneficiary. (a) The account holder must designate a […]

Section 462D.04 — Account Holder Responsibilities.

462D.04 ACCOUNT HOLDER RESPONSIBILITIES. Subdivision 1. Expenses; reporting. The account holder must: (1) not use funds in a first-time home buyer savings account to pay expenses of administering the account, except that a service fee may be deducted from the account by the financial institution in which the account is held; and (2) submit to […]

Section 462D.05 — Financial Institutions.

462D.05 FINANCIAL INSTITUTIONS. (a) A financial institution is not required to take any action to ensure compliance with this chapter, including to: (1) designate an account, designate qualified beneficiaries, or modify the financial institution’s account contracts or systems in any way; (2) track the use of money withdrawn from a first-time home buyer savings account; […]

Section 462D.06 — Subtraction; Addition; Additional Tax.

462D.06 SUBTRACTION; ADDITION; ADDITIONAL TAX. Subdivision 1. Subtraction. (a) As provided in section 290.0132, subdivision 25, an account holder is allowed a subtraction from federal adjusted gross income equal to interest or dividends earned on the first-time home buyer savings account during the taxable year. (b) The subtraction under paragraph (a) is allowed each year […]