{"data":{"id":"us-or/ors-316.797","jurisdiction":"us-or","citation":"ORS 316.797","heading":"First-time home buyer savings account; restrictions.","body":"(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.\n      (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.\n      (3) During any calendar year, an individual may be either:\n      (a) The account holder of not more than one first-time home buyer savings account; or\n      (b) The qualified beneficiary of not more than one first-time home buyer savings account.\n      (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.\n      (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.\n      (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.","path":["08 - Revenue and Taxation","29. Revenue and Taxation","Chapter 316 — Personal Income Tax"],"source_url":"https://www.oregonlegislature.gov/bills_laws/ors/ors316.html","current_through":"2025 Edition","vintage":"","retrieved_at":"2026-09-03T23:50:13Z","sha256":"3a2222368526c1a05065ef0c24b9be527a1d91a962c93a429321a2f7b7fa052d","source_id":"us-or","stale":false,"prev":"us-or/ors-316.796","next":"us-or/ors-316.798"},"notice":"GroundRules: Original legal text. Not legal advice."}