OAR 150-316-0607
First-time Home Buyer Savings Account
# (1)
(1) An account holder cannot have more than one first-time home buyer savings account at a time, even if the accounts have different beneficiaries.
# (2)
(2) An account holder may withdraw funds from a first-time home buyer savings account and deposit the funds into a new first-time home buyer savings account at the same or a different financial institution. To avoid the penalty for early withdrawal (five percent of the withdrawal) and the requirement to add back previously subtracted amounts, transfer of funds withdrawn from the existing account into the new account must be completed within 60 calendar days of the withdrawal. If all of the funds are not transferred into the new account, the account holder may avoid the penalty and add back on the funds kept in the old account if those funds are spent on eligible costs within the 60-day period or if the account holder is exempt from imposition of the penalty.
Amendment history
REV 52-2024, amend filed 12/26/2024, effective 01/01/2025
Source: view the official text
In this chapter (40 sections)
- 150-316-0495 · Estimated Tax: Joint Return to Single or Separate Return
- 150-316-0497 · Estimated Tax: Single or Separate Returns to Joint Return
- 150-316-0505 · Oregon Lottery Winnings and Losses
- 150-316-0507 · Modification of Federal Taxable Income: Interest and…
- 150-316-0509 · U.S. Government Obligations
- 150-316-0511 · Addition for Original Issue Discount (OID)
- 150-316-0513 · Modification of Federal Taxable Income: Adding Interest…
- 150-316-0515 · Modification of Federal Taxable Income: Adding Federal…
- 150-316-0519 · Gain or Loss Upon the Sale of State and Municipal Bonds…
- 150-316-0525 · U.S. Government Interest in Retirement Accounts
- 150-316-0530 · Pool of Assets that Qualify to Pay State Exempt-Interest…
- 150-316-0535 · Federal Tax Deduction: Accrual Method of Accounting…
- 150-316-0537 · Adjustment of Federal Tax Liability
- 150-316-0545 · Election to Include Child’s Unearned Income — Addition…
- 150-316-0550 · Special Oregon Medical Subtraction
- 150-316-0555 · Modification of Federal Taxable Income: Itemized vs.…
- 150-316-0557 · Modification of Federal Taxable Income: Oregon Income…
- 150-316-0559 · Modification of Federal Taxable Income: Previously Taxed…
- 150-316-0565 · Basis of Depreciable Assets Moved into Oregon
- 150-316-0567 · Property Subject to Accelerated Cost Recovery System
- 150-316-0569 · Adjustment to Income for Basis Differences
- 150-316-0575 · Amount Specially Taxed Under Federal Law to Be Included…
- 150-316-0580 · Definition for Severely Disabled Exemption
- 150-316-0585 · Exemption for Blind and Severely Disabled
- 150-316-0590 · Substantiation for Permanently Severely Disabled
- 150-316-0595 · Exempt Income of Native Americans
- 150-316-0600 · Oregon Investment Advantage Apportionable Income…
- 150-316-0605 · Military Pay Subtraction
- 150-316-0607 · First-time Home Buyer Savings Account
- 150-316-0608 · First-time Home Buyer Savings Account – Cost-of-Living…
- 150-316-0610 · Road Construction Worker’s Travel Expenses
- 150-316-0615 · Substantiation Required for Construction Worker and…
- 150-316-0625 · (Miscellaneous) Valuation of Forest Land or “Farm Use”…
- 150-316-0630 · Scholarship Awards used for Housing Expenses
- 150-316-0635 · Subtraction for Land Contributed to Educational…
- 150-316-0650 · Waiver of Frivolous Return Penalty Imposed Under ORS…
- 150-316-0652 · Frivolous Return Penalty
- 150-316-0662 · Voluntary Self-Identification of Race and Ethnicity: Use…
- 150-316-0663 · Voluntary Self-Identification of Race and Ethnicity;…
- 150-316-0664 · Voluntary Self-Identification of Race and Ethnicity;…