Oregon § 316.801 Addition for certain amounts withdrawn; penalty; exceptions

Oregon Statutes

§ 316.801 — Addition for certain amounts withdrawn; penalty; exceptions

Oregon § 316.801

Vol.8

Title 29Revenue and Taxation

Ch. 316Personal Income Tax

This text of Oregon § 316.801 (Addition for certain amounts withdrawn; penalty; exceptions) is published on Counsel Stack Legal Research, covering Oregon primary law.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. § 316.801 (2026).

Text

(1)There shall be added to federal taxable income the amount of funds a taxpayer withdraws from a first-time home buyer savings account established under ORS 316.797, if:

(a)Those funds were used for a purpose other than eligible costs;

(b)In this tax year or a previous tax year, those funds were subtracted or exempted from federal taxable income under ORS 316.798; and

(c)Those funds were not deposited into another first-time home buyer savings account held by the taxpayer.

(2)There shall be added to federal taxable income the amount of funds a taxpayer holds in a first-time home buyer savings account not expended on eligible costs by December 31 of the last year of the 10-year period described under ORS 316.798 (3) if in a previous tax year those funds were subtracted or exempted fro

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(1) There shall be added to federal taxable income the amount of funds a taxpayer withdraws from a first-time home buyer savings account established under ORS 316.797, if:
(a) Those funds were used for a purpose other than eligible costs;
(b) In this tax year or a previous tax year, those funds were subtracted or exempted from federal taxable income under ORS 316.798; and
(c) Those funds were not deposited into another first-time home buyer savings account held by the taxpayer.
(2) There shall be added to federal taxable income the amount of funds a taxpayer holds in a first-time home buyer savings account not expended on eligible costs by December 31 of the last year of the 10-year period described under ORS 316.798 (3) if in a previous tax year those funds were subtracted or exempted from federal taxable income under ORS 316.798.
(3) The Department of Revenue shall assess a penalty against the taxpayer in the amount of five percent of the funds withdrawn from a taxpayer’s first-time home buyer savings account, if:
(a) The withdrawal of funds occurs during the 10-year period set forth in ORS 316.798 (3); and
(b) The withdrawn funds are not used for eligible costs or deposited into another first-time home buyer savings account held by the taxpayer.
(4) The penalty described in subsection (3) of this section does not apply to any funds withdrawn from a first-time home buyer savings account of:
(a) A taxpayer who is deceased;
(b) A taxpayer who has filed for protection under the United States Bankruptcy Code (11 U.S.C. 101 et seq.); or
(c) A taxpayer whose loss of use or function of any portion of the body permanently incapacitates the taxpayer from regularly performing work at a gainful and suitable occupation.