Bill
Bill > SB961
OK SB961
OK SB961Savings accounts; creating the Oklahoma Home Buyer Savings Account Act. Effective date.
summary
Introduced
02/04/2019
02/04/2019
In Committee
04/11/2019
04/11/2019
Crossed Over
03/12/2019
03/12/2019
Passed
04/22/2019
04/22/2019
Dead
Signed/Enacted/Adopted
04/26/2019
04/26/2019
Introduced Session
2019 Regular Session
Bill Summary
Savings accounts; creating the Oklahoma Home Buyer Savings Account Act. Effective date.
AI Summary
This bill creates the Oklahoma Home Buyer Savings Account Act, which allows individuals to open a designated home buyer savings account with a financial institution to save for the down payment and closing costs of purchasing a single-family residence in Oklahoma. The bill provides definitions for key terms, outlines the requirements and limitations for these accounts, and offers tax deductions and exclusions for contributions and earnings on the accounts. The bill also specifies reporting requirements and penalties for withdrawals not used for eligible home-buying costs.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Approved by Governor 04/26/2019 (on 04/26/2019)
Official Document
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