Okla. Stat. tit. 46 § 317

Current through Laws 2024, c. 453.

Section 317 - Withdrawal of funds for other purposes - Penalty

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and the account holder shall pay a penalty to the Oklahoma Tax Commission equal to ten percent (10%) of the amount withdrawn. Such penalty shall not apply to funds withdrawn from an account that were: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 Withdrawn by reason of the account holder's death or disability;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.

Okla. Stat. tit. 46, § 317

Added by Laws 2019 , c. 186, s. 7, eff. 1/1/2020.