Oregon Revised Statutes (Tax Chapters)

ORS § 316.796

Definitions

Official textoregonlegislature.govlast amended 202412 subsections

As used in ORS 316.796 to 316.808:

# (1)

“Account holder” means an individual who establishes a first-time home buyer savings account.

# (2)

“Allowable closing costs” means disbursements listed in a settlement statement for the purchase of a single family residence by an account holder or a qualified beneficiary.

# (3)

“Eligible costs” means the down payment and allowable closing costs for the purchase of a single family residence by an account holder or a qualified beneficiary.

# (4)

“Financial institution” means a bank, a trust company, a commercial bank, a national bank, a savings bank, a savings and loan, a thrift institution, a credit union, an insurance company, a mutual fund, an investment firm or a similar entity authorized to do business in this state.

# (5)

“First-time home buyer” means an individual who is a resident of this state and has not owned or purchased, either individually or jointly, a single family residence during a period of three years prior to the date of the purchase of a single family residence.

# (6)

“First-time home buyer savings account” or “account” means an account established as a first-time home buyer savings account that the account holder designates for the purpose of paying or reimbursing eligible costs for the purchase of a single family residence in this state by the account holder or by a qualified beneficiary.

# (7)

“Qualified beneficiary” means an individual who is designated by an account holder as the account holder’s intended recipient of funds to be withdrawn from a first-time home buyer savings account and used for purposes consistent with ORS 316.796 to 316.808.

# (8)

“Resident of this state” has the meaning given that term in ORS 316.027.

# (9)

“Settlement statement” means the statement of receipts and disbursements for a transaction related to real estate, including a statement prescribed under the Real Estate Settlement Procedures Act of 1974, 12 U.S.C. 2601 et seq., and regulations thereunder.

# (10)

“Single family residence” means a residence intended for occupation by a single family unit that is owned and occupied as the principal residence of the account holder or a qualified beneficiary. “Single family residence” includes a manufactured home, residential trailer, mobile home or condominium unit.

# (11)

“Taxable income” has the meaning given that term in ORS 316.022.

Amendment history

2018 c.109 §2; 2024 c.53 §4

Source: view the official text

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