Iowa Code § 541B.1
Short title
This chapter may be cited as the “Iowa First-Time Homebuyer Savings Account Act”.
Iowa Code Chapter 541B — Iowa First-Time Homebuyer Savings Account Act
Iowa · statute · Iowa Code ch. 541B · 7 active provisions
Iowa Code § 541B.2
Definitions
As used in this chapter, unless the context otherwise requires: 1. “Account holder” means an individual who establishes, either individually or jointly with the individual’s spouse, a first-time homebuyer savings account pursuant to section 541B.3. 2. “Department” means the department of revenue. 3. “Designated benefic…
Iowa Code § 541B.3
First-time homebuyer savings account
1Establishment of account. a. An individual may open an interest-bearing savings account with a financial institution and designate the entire account as a first-time homebuyer savings account for the purpose of paying or reimbursing a designated beneficiary’s eligible home costs in connection with a qualified home pur…
Iowa Code § 541B.4
Account administration account holder responsibilities
1Account contributions. Contributions to a first-time homebuyer savings account may be made by any person in the form of cash. There is no limitation on the amount of contributions that may be made to or retained in a first-time homebuyer savings account. 2Account expenses. The account holder shall not use funds held i…
Iowa Code § 541B.5
Financial institution protections
Nothing in this chapter shall be construed to require a financial institution to do any of the following, or to be responsible or liable for any of the following: 1. Designate or label within the financial institution’s account contracts, systems, or in any other manner, an account as a first-time homebuyer savings acc…
Iowa Code § 541B.6
Tax considerations
The state income tax treatment of a first-time homebuyer savings account shall be as provided in section 422.7, subsection 27.
Iowa Code § 541B.7
Rules and forms
1. The department shall adopt rules to implement and administer this chapter. 2. The department shall create and make available forms to be used in complying with this chapter, including but not limited to the following: a. A form for designating an account as a first-time homebuyer savings account pursuant to section…