A. After the effective date of this act, any individual may open an account with a financial institution and designate the account, in its entirety, as a home buyer savings account to be used to pay or reimburse a qualified beneficiary's eligible costs for the purchase of a single-family residence in this state.
B. An account holder shall designate, no later than April 15 of the year following the tax year during which the account is established, a home buyer as the qualified beneficiary of the home buyer savings account. The account holder may designate himself or herself as the qualified beneficiary and may change the designated qualified beneficiary at any time; provided, however, there shall not be more than one qualified beneficiary at any one time.
C. An individual may jointly own a home buyer savings account with another person if the joint account holders file a joint income tax return.
D. An individual may be the account holder of more than one home buyer savings account. However, an account holder cannot have multiple accounts that designate the same qualified beneficiary.
E. An individual may be designated as the qualified beneficiary on more than one home buyer savings account.
F. Only cash and marketable securities may be contributed to a home buyer savings account. Subject to the limitations of subsection B of Section 6 of this act, persons other than the account holder may contribute funds to a home buyer savings account. There is no limitation on the amount of contributions that may be made to or retained in a home buyer savings account.
Added by Laws 2019, c. 186, § 3, eff. Jan. 1, 2020.