Iowa § 541B.7 Rules and forms

Iowa Statutes

§ 541B.7 — Rules and forms

Iowa § 541B.7

Title XIIICOMMERCE

Ch. 541BIOWA FIRST-TIME HOMEBUYER SAVINGS ACCOUNT ACT

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Bluebook

Iowa Code § 541B.7 (2026).

Text

1.The department shall adopt rules to implement and administer this chapter.

2.The department shall create and make available forms to be used in complying with this chapter, including but not limited to the following:

a.A form for designating an account as a first-time homebuyer savings account pursuant to section 541B.3, subsection 1, paragraph “a”.

b.A form for designating an individual as beneficiary of a first-time homebuyer savings account pursuant to section 541B.3, subsection 2, paragraph “a”.

c.A first-time homebuyer savings account annual report as required in section 541B.4, subsection 3, paragraph “a”. The report shall require, at a minimum, a list of transactions occurringontheaccountduringthetaxyear,andshallidentifyanysupportingdocumentation to be included with the repor

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1. The department shall adopt rules to implement and administer this chapter.
2. The department shall create and make available forms to be used in complying with
this chapter, including but not limited to the following:
a. A form for designating an account as a first-time homebuyer savings account pursuant
to section 541B.3, subsection 1, paragraph “a”.
b. A form for designating an individual as beneficiary of a first-time homebuyer savings
account pursuant to section 541B.3, subsection 2, paragraph “a”.
c. A first-time homebuyer savings account annual report as required in section 541B.4,
subsection 3, paragraph “a”. The report shall require, at a minimum, a list of transactions
occurringontheaccountduringthetaxyear,andshallidentifyanysupportingdocumentation
to be included with the report or maintained by the taxpayer.
d. A transaction report as required in section 541B.4, subsection 3, paragraph “c”, which
report shall require, at a minimum, information regarding the eligible home costs to which
any withdrawn funds were applied in connection with a qualified home purchase, and
information regarding the amount of funds remaining, if any, in a first-time homebuyer
savings account.