Oklahoma § 46-317 Withdrawal of funds for other purposes - Penalty.

Oklahoma Statutes

§ 46-317 — Withdrawal of funds for other purposes - Penalty.

Oklahoma § 46-317

Title 46Mortgages

This text of Oklahoma § 46-317 (Withdrawal of funds for other purposes - Penalty.) is published on Counsel Stack Legal Research, covering Oklahoma primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Okla. Stat. tit. 46, § 46-317 (2026).

Text

Except as otherwise authorized by subsection B of Section 4 of this act, if the account holder withdraws any funds from a home buyer savings account for a purpose other than eligible costs for the purchase of a single-family residence, such funds shall be included in the account holder's taxable income and the account holder shall pay a penalty to the Oklahoma Tax Commission equal to ten percent (10%) of the amount withdrawn. Such penalty shall not apply to funds withdrawn from an account that were: 1. Withdrawn by reason of the account holder's death or disability; 2. A disbursement of assets of the account pursuant to a filing for protection under the United States Bankruptcy Code, 11 U.S.C. § 101 et seq.; or 3. Transferred from an account established under this act into another account 

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Except as otherwise authorized by subsection B of Section 4 of this act, if the account holder withdraws any funds from a home buyer savings account for a purpose other than eligible costs for the purchase of a single-family residence, such funds shall be included in the account holder's taxable income and the account holder shall pay a penalty to the Oklahoma Tax Commission equal to ten percent (10%) of the amount withdrawn. Such penalty shall not apply to funds withdrawn from an account that were: 1. Withdrawn by reason of the account holder's death or disability; 2. A disbursement of assets of the account pursuant to a filing for protection under the United States Bankruptcy Code, 11 U.S.C. § 101 et seq.; or 3. Transferred from an account established under this act into another account established under this act in accordance with subsection B of Section 4 of this act.