Oklahoma § 56-257 Permitted uses of individual development accounts.

Oklahoma Statutes

§ 56-257 — Permitted uses of individual development accounts.

Oklahoma·Title 56 Poor Persons

Individual development accounts may be used for any of the following qualified purposes: 1. Qualified acquisition costs with respect to a qualified principal residence for a qualified home buyer, or the costs of major repairs or improvements to a qualified principal residence, if paid directly to the persons to whom the amounts are due; 2. Amounts paid directly to a business capitalization account which is established in a federally insured financial institution and is restricted to use solely for qualified business capitalization expenses consistent with a qualified plan; 3. Postsecondary educational expenses paid directly to an eligible educational institution; 4. Amounts paid directly to an individual retirement account or education IRA established pursuant to federal law in the name of

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Individual development accounts may be used for any of the following qualified purposes: 1. Qualified acquisition costs with respect to a qualified principal residence for a qualified home buyer, or the costs of major repairs or improvements to a qualified principal residence, if paid directly to the persons to whom the amounts are due; 2. Amounts paid directly to a business capitalization account which is established in a federally insured financial institution and is restricted to use solely for qualified business capitalization expenses consistent with a qualified plan; 3. Postsecondary educational expenses paid directly to an eligible educational institution; 4. Amounts paid directly to an individual retirement account or education IRA established pursuant to federal law in the name of the IDA account holder or an immediate family member thereof; and 5. Qualified acquisition costs with respect to purchase of an automobile, or costs of repair of an automobile, if paid directly to a licensed automobile dealer or repair shop.

Oklahoma § 56-257 (Permitted uses of individual development accounts.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.