H0128B0359A00084 DMS:CMD 02/19/19 #90 A00084
AMENDMENTS TO HOUSE BILL NO. 128
Sponsor: REPRESENTATIVE B. MILLER
Printer's No. 359
Amend Bill, page 2, by inserting between lines 21 and 22
"Ineligible use." The sale or lease of a single-family
residence within three years of the settlement date.
Amend Bill, page 2, by inserting between lines 24 and 25
"Settlement date." The date on which the seller in a real
estate transaction executes a deed or signs a settlement
statement, whichever occurs later, to convey title to the
purchaser.
Amend Bill, page 3, line 3, by striking out the period after
"community" and inserting
, and provided that the qualified beneficiary does not permit
an ineligible use of the residence.
Amend Bill, page 7, lines 10 and 11, by striking out all of
said lines and inserting
Section 7. Effect of improper withdrawals and ineligible
uses.
(a) Purposes other than eligible costs.--Except as permitted
under section 3(h), if an account holder
Amend Bill, page 7, by inserting between lines 27 and 28
(b) Ineligible uses.--If an account holder or beneficiary
withdraws any amount from a first-time home buyer savings
account and after the withdrawal an ineligible use occurs:
(1) The entire amount withdrawn shall be included in the
account holder's taxable income as interest income under
Article III of the Tax Reform Code of 1971 for the tax year
the withdrawal was made.
(2) The account holder or beneficiary shall pay to the
department a penalty equal to 10% of the amount withdrawn.
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