Minn. Stat. § 462D.02 — MN Code / Part 460_463 / Chapter 462D / Section 462D.02
§ 462D.02 DEFINITIONS.
Status: in_force

§ Subdivision 1. Definitions. For purposes of this chapter, the following terms have the meanings given.

§ Subd. 2. Account holder. "Account holder" means an individual who establishes, individually or jointly with one or more other individuals, a first-time home buyer savings account.

§ Subd. 3. Allowable closing costs. "Allowable closing costs" means a disbursement listed on a settlement statement for the purchase of a single-family residence in Minnesota by a qualified beneficiary.

§ Subd. 4. Commissioner. "Commissioner" means the commissioner of revenue.

§ Subd. 5. Eligible costs. "Eligible costs" means the down payment and allowable closing costs for the purchase of a single-family residence in Minnesota by a qualified beneficiary. Eligible costs include paying for the cost of construction of or financing the construction of a single-family residence.

§ Subd. 6. Financial institution. "Financial institution" means a bank, bank and trust, trust company with banking powers, savings bank, savings association, or credit union, organized under the laws of this state, any other state, or the United States; an industrial loan and thrift under chapter 53 or the laws of another state and authorized to accept deposits; or a money market mutual fund registered under the federal Investment Company Act of 1940 and regulated under rule 2a-7, promulgated by the Securities and Exchange Commission under that act.

§ Subd. 7. First-time home buyer. "First-time home buyer" means an individual, and if married, the individual's spouse, who has no present ownership interest in a principal residence during the three-year period ending on the earlier of: (1) the date of the purchase of the single-family residence funded, in part, with proceeds from the first-time home buyer savings account; or (2) the close of the taxable year for which a subtraction is claimed under sections 290.0132, subdivision 25 , and 462D.06 .

§ Subd. 8. First-time home buyer savings account. "First-time home buyer savings account" or "account" means an account with a financial institution that an account holder designates as a first-time home buyer savings account, as provided in section 462D.03 , to pay or reimburse eligible costs for the purchase of a single-family residence by a qualified beneficiary.

§ Subd. 9. Internal Revenue Code. "Internal Revenue Code" has the meaning given in section 290.01 .

§ Subd. 10. Principal residence. "Principal residence" has the meaning given in section 121 of the Internal Revenue Code.

§ Subd. 11. Qualified beneficiary. "Qualified beneficiary" means a first-time home buyer who is a Minnesota resident and is designated as the qualified beneficiary of a first-time home buyer savings account by the account holder.

§ Subd. 12. Single-family residence. "Single-family residence" means a single-family residence located in this state and owned and occupied by or to be occupied by a qualified beneficiary as the qualified beneficiary's principal residence, which may include a manufactured home, trailer, mobile home, condominium unit, townhome, or cooperative.