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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
2020 Regular Session
Bill Summary
An Act relating to savings accounts; creating the Oklahoma Home Buyer Savings Account Act; providing short title; defining terms; authorizing establishment of certain savings account for specified purpose; establishing requirements for contributions to and beneficiaries of certain accounts; establishing expense and reporting requirements for certain accounts; authorizing certain transfer of funds; clarifying duties of financial institutions; allowing certain deductions and exclusions from taxable income; providing limitations; establishing penalties for certain prohibited withdrawals; requiring Oklahoma Tax Commission to prepare certain forms; providing for codification; and providing an effective date. SUBJECT: Oklahoma First-Time Home Buyer Savings Account Act
AI Summary
This bill creates the Oklahoma Home Buyer Savings Account Act, which allows individuals to establish a special savings account to save for the down payment and closing costs of purchasing a single-family residence in Oklahoma. The bill defines key terms like "home buyer," "home buyer savings account," and "qualified beneficiary." It outlines the requirements for opening and contributing to these accounts, as well as the tax benefits and penalties associated with them. The bill also clarifies the duties of financial institutions in managing these accounts and requires the Oklahoma Tax Commission to develop relevant forms. The bill takes effect on January 1, 2020.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Approved by Governor 04/26/2019 (on 04/26/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://www.oklegislature.gov/BillInfo.aspx?Bill=sb961&Session=2000 |
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