This text of Iowa § 541B.3 (First-time homebuyer savings account) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
1.Establishment of account.
a.An individual may open an interest-bearing savings account with a financial institution
and designate the entire account as a first-time homebuyer savings account for the purpose
of paying or reimbursing a designated beneficiary’s eligible home costs in connection with
a qualified home purchase. The first-time homebuyer savings account designation shall be
made on forms provided by the department and shall be submitted on or before the date
prescribed in section 422.21 for making and filing an individual income tax return, excluding
extensions, or the date for making and filing an individual income tax return determined by
the director pursuant to an order issued under section 421.17, subsection 30, applicable to
the tax year in which the account is opened.
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1. Establishment of account.
a. An individual may open an interest-bearing savings account with a financial institution
and designate the entire account as a first-time homebuyer savings account for the purpose
of paying or reimbursing a designated beneficiary’s eligible home costs in connection with
a qualified home purchase. The first-time homebuyer savings account designation shall be
made on forms provided by the department and shall be submitted on or before the date
prescribed in section 422.21 for making and filing an individual income tax return, excluding
extensions, or the date for making and filing an individual income tax return determined by
the director pursuant to an order issued under section 421.17, subsection 30, applicable to
the tax year in which the account is opened.
b. AmarriedcoupleelectingtofileajointIowaindividualincometaxreturnmayestablish
a joint first-time homebuyer savings account. Married taxpayers electing to file separate tax
returns for Iowa tax purposes shall not establish or maintain a joint first-time homebuyer
savings account.
c. An individual may establish more than one first-time homebuyer savings account,
provided each account has a different designated beneficiary.
2. Designation of beneficiary.
a. The account holder shall designate one individual as beneficiary of the first-time
homebuyer savings account. The designation shall be made on forms provided by the
department and shall be submitted on or before the date prescribed in section 422.21 for
making and filing an individual income tax return, excluding extensions, or the date for
making and filing an individual income tax return determined by the director pursuant to
an order issued under section 421.17, subsection 30, applicable to the tax year in which
the designation is made. The account holder may change the designated beneficiary of the
first-time homebuyer savings account at any time.
b. The account holder and designated beneficiary of a first-time homebuyer savings
account may be the same individual.
c. An individual may be the designated beneficiary of more than one first-time homebuyer
savings account.
d. The designated beneficiary of a first-time homebuyer savings account must be a
first-time homebuyer.