Oregon § 316.797 First-time home buyer savings account; restrictions

Oregon Statutes

§ 316.797 — First-time home buyer savings account; restrictions

Oregon § 316.797

Vol.8

Title 29Revenue and Taxation

Ch. 316Personal Income Tax

This text of Oregon § 316.797 (First-time home buyer savings account; restrictions) is published on Counsel Stack Legal Research, covering Oregon primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Or. Rev. Stat. § 316.797 (2026).

Text

(1)An individual may create a first-time home buyer savings account with a financial institution to be used to pay or reimburse eligible costs related to the purchase of a single family residence by an account holder or qualified beneficiary.

(2)An individual may jointly own a first-time home buyer savings account with another person if the joint account holders file a joint income tax return.

(3)During any calendar year, an individual may be either:

(a)The account holder of not more than one first-time home buyer savings account; or

(b)The qualified beneficiary of not more than one first-time home buyer savings account.

(4)Only cash may be contributed to a first-time home buyer savings account. Subject to the limitations of ORS 316.798 (4), persons other than the account holder may

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(1) An individual may create a first-time home buyer savings account with a financial institution to be used to pay or reimburse eligible costs related to the purchase of a single family residence by an account holder or qualified beneficiary.
(2) An individual may jointly own a first-time home buyer savings account with another person if the joint account holders file a joint income tax return.
(3) During any calendar year, an individual may be either:
(a) The account holder of not more than one first-time home buyer savings account; or
(b) The qualified beneficiary of not more than one first-time home buyer savings account.
(4) Only cash may be contributed to a first-time home buyer savings account. Subject to the limitations of ORS 316.798 (4), persons other than the account holder may contribute funds to a first-time home buyer savings account. There is no limitation on the amount of contributions that may be made to or retained in a first-time home buyer savings account.
(5) The account holder may not use funds held in a first-time home buyer savings account to pay expenses of administering the account, except that the financial institution that administers the account may deduct a service fee from the account.
(6) An account holder may withdraw all or part of the funds from a first-time home buyer savings account and deposit the funds in a new first-time home buyer savings account held by a different financial institution or the same financial institution.