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

Oklahoma Statutes

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

Oklahoma·Title 46 Mortgages

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and the account holder shall pay a penalty to the Oklahoma Tax Commission equal to ten percent (10%) of the amount withdrawn. Such penalty shall not apply to funds withdrawn from an account that were: 1. Withdrawn by reason of the account holder's death or disability; 2.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and the account holder shall pay a penalty to the Oklahoma Tax Commission equal to ten percent (10%) of the amount withdrawn. Such penalty shall not apply to funds withdrawn from an account that were: 1. Withdrawn by reason of the account holder's death or disability; 2.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.

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