Source: https://vacode.org/55-556/
Timestamp: 2020-02-27 08:16:33
Document Index: 49281156

Matched Legal Cases: ['§ 55', '§ 55', '§ 55', '§ 58', '§ 58', '§ 2', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55', '§ 55']

Claiming first-time home buyer status (§ 55-556)—Virginia Decoded - Virginia Decoded
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32 First-time Home Buyer Savings Plans Act
§ 55-556 Claiming first-time home buyer status
§ 55-556
Claiming first-time home buyer status
A. The account holder shall be responsible for the use or application of moneys or funds in an account for which the account holder claims first-time home buyer savings account status.
B. The account holder shall (i) not use moneys or funds held in an account to pay expenses of administering the account, except that a service fee may be deducted from the account by a financial institution; (ii) maintain documentation of the segregation of moneys or funds in separate accounts and documentation of eligible costs for the purchase of a single-family residence in the Commonwealth; such documentation may include the settlement statement; (iii) file, with the account holder’s Virginia income tax return, forms developed by the Department of Taxation regarding treatment of the account as a first-time home buyer savings account under this chapter, along with the Form 1099 issued by the financial institution for such account; and (iv) remit to the Department of Taxation the tax on any amounts (a) added to individual income pursuant to subdivision B 10 of § 58.1-322 or (b) recaptured pursuant to subdivision C 36 of § 58.1-322.
C. The Tax Commissioner shall develop guidelines applicable to account holders to implement the provisions of this chapter. Such guidelines shall be exempt from the provisions of the Administrative Process Act (§ 2.2-4000 et seq.). Such guidelines shall not apply to, or impose administrative, reporting, or other obligations or requirements on, financial institutions-related accounts for which first-time home buyer savings account status is claimed by the account holder.
2014, c. 729.
If you’re reading this for anything important, you should double-check its accuracy—read § 55-556 on the official Code of Virginia website.
County School Board v. Dowell (SCV, 03/13/50)
. . . could be disposed of by deed or will under section 55-6 of the Code of 1950, by the successive . . .
Corbett v. Ruben (SCV, 04/30/82)
. . . Corporation, the General Assembly amended Code | 55-6 (which provides what property interests may be . . .
Southern Ry. Co. v. Commissioner of Internal Revenue (Court of Appeals for the Fourth Circuit, 01/08/35)
. . . making its tax returns for the year 1920 deducted $55,556,415.21 expended for maintenance in the . . .
United States v. Blackman (SCV, 06/09/05)
. . . the common law rule, currently embodied in Code § 55-6, we have recognized that an affirmative . . .
Hoover v. Smith (SCV, 06/10/94)
. . . been abolished by statute. See Code §§ 55-5 and 55-6. . . .
Hise v. BARC Elec. Co-Op. (SCV, 09/12/97)
. . . easement is transferable by the grantee. Code § 55-6; Corbett, 223 Va. at 472 n. 2, 290 S.E.2d at . . .
Sanford v. Sims (COA, 09/05/51)
. . . transmitted also by deed or will. Code, 1950, § 55-6. Copenhaver v. Pendleton, supra, 155 Va at . . .
Video Zone v. Kf & F Properties (SCV, 04/23/04)
. . . Virginia Farm Bureau Mut. Ins. Co., 263 Va. 52, 55, 556 S.E.2d 758, 760 (2002); S.F. (Jane Doe) v. . . .
Virginia Elec. v. Northern Virginia Reg. (SCV, 09/16/05)
. . . in gross is transferable by the grantee. Code § 55-6; United States v. Blackman, 270 Va. 68, 78, . . .
Virginia Transit Company v. Hodges (COA, 09/03/59)
. . . Norfolk. City Hall avenue runs east and west. It is 55.6 feet wide at the intersection and as it . . .