{"data":{"id":"us-or/ors-316.801","jurisdiction":"us-or","citation":"ORS 316.801","heading":"Addition for certain amounts withdrawn; penalty; exceptions.","body":"(1) There shall be added to federal taxable income the amount of funds a taxpayer withdraws from a first-time home buyer savings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:\n      (a) Those funds were used for a purpose other than eligible costs;\n      (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\n      (c) Those funds were not deposited into another first-time home buyer savings account held by the taxpayer.\n      (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.\n      (3) The Department of Revenue shall assess a penalty against the taxpayer in the amount of five percent of the funds withdrawn from a taxpayer’s first-time home buyer savings account, if:\n      (a) The withdrawal of funds occurs during the 10-year period set forth in ORS 316.798 (3); and\n      (b) The withdrawn funds are not used for eligible costs or deposited into another first-time home buyer savings account held by the taxpayer.\n      (4) The penalty described in subsection (3) of this section does not apply to any funds withdrawn from a first-time home buyer savings account of:\n      (a) A taxpayer who is deceased;\n      (b) A taxpayer who has filed for protection under the United States Bankruptcy Code (11 U.S.C. 101 et seq.); or\n      (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.","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":"c69802da92efd1c653afa63e1770ad4fdfce18404eed2c8cd8e2a9cc40f9a52f","source_id":"us-or","stale":false,"prev":"us-or/ors-316.800","next":"us-or/ors-316.802"},"notice":"GroundRules: Original legal text. Not legal advice."}