§ 541b-3

541B.3 First-time homebuyer savings account. 1. Establishment 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 purposeof paying or reimbursing a designated beneficiary’s eligible home costs in connection witha qualified home purchase. The first-time homebuyer savings account designation shall bemade on forms provided by the department and shall be submitted on or before the dateprescribed in section 422.21 for making and filing an individual income tax return, excludingextensions, or the date for making and filing an individual income tax return determined bythe director pursuant to an order issued under section 421.17, subsection 30, applicable tothe tax year in which the account is opened. b. A married couple electing to file a joint Iowa individual income tax return may establish a joint first-time homebuyer savings account. Married taxpayers electing to file separate taxreturns for Iowa tax purposes shall not establish or maintain a joint first-time homebuyersavings account. c.

oint first-time homebuyer savings account. Married taxpayers electing to file separate taxreturns for Iowa tax purposes shall not establish or maintain a joint first-time homebuyersavings account. c. An individual may establish more than one first-time homebuyer savings account, provided each account has a different designated beneficiary. 2. Designation of beneficiary.a. The account holder shall designate one individual as beneficiary of the first-time homebuyer savings account. The designation shall be made on forms provided by the department and shall be submitted on or before the date prescribed in section 422.21 formaking and filing an individual income tax return, excluding extensions, or the date formaking and filing an individual income tax return determined by the director pursuant toan order issued under section 421.17, subsection 30, applicable to the tax year in whichthe designation is made. The account holder may change the designated beneficiary of thefirst-time homebuyer savings account at any time. b. The account holder and designated beneficiary of a first-time homebuyer savings account may be the same individual. c.

esignated beneficiary of thefirst-time homebuyer savings account at any time. b. The account holder and designated beneficiary of a first-time homebuyer savings account may be the same individual. c. An individual may be the designated beneficiary of more than one first-time homebuyer savings account. d. The designated beneficiary of a first-time homebuyer savings account must be a first-time homebuyer. 2017 Acts, ch 116, §5; 2018 Acts, ch 1161, §131, 133, 134; 2021 Acts, ch 177, §1; 2023 Acts, ch 115, §2, 3 Referred to in §541B.2, 541B.72018 amendment to subsection 1, paragraph b is effective January 1, 2023, and applies to tax years beginning on or after that date; 2018 Acts, ch 1161, §133, 134; 2021 Acts, ch 177, §1 Subsection 1, paragraph a amendedSubsection 2, paragraph a amended Sat Dec 23 01:44:25 2023 Iowa Code 2024, Section 541B.3 (15, 1)