Montana Code Annotated — Title 15 (Taxation)

Mont. Code Ann. § 15-63-102

Definitions

Official textleg.mt.gov10 subsections

15-63-102 . Definitions. As used in this chapter, unless the context requires otherwise, the following definitions apply:

# (1)

"Account administrator" means:

# (a)

a state or federally chartered bank, savings and loan association, credit union, or trust company;

# (b)

a certified public accountant licensed to practice in this state pursuant to Title 37, chapter 50; or

# (c)

the account holder.

# (2)

"Account holder" means an individual who is a resident of this state and who establishes, individually or jointly, a first-time home buyer savings account. The account holder must also be a first-time home buyer. A married taxpayer filing separately may be an account holder if the account is established separately from the taxpayer's spouse. Married taxpayers filing jointly are considered as the account holder.

# (3)

"Eligible costs" means the downpayment and allowable closing costs for the purchase of a single-family residence in Montana by a first-time home buyer.

# (4)

"First-time home buyer" means an individual who has never owned or purchased under contract for deed, either individually or jointly, a single-family residence in Montana or out-of-state.

# (5)

"First-time home buyer savings account" or "account" means an account established with an account administrator in this state pursuant to 15-63-201 .

# (6)

"Single-family residence" means an owner-occupied residence in Montana, including a manufactured home, trailer, or mobile home, that is an improvement to real property or a condominium unit that is owned by or that has been purchased under contract for deed by a person, individually or jointly.

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