2023 Missouri Revised Statutes › Title XXIX - Ownership and Conveyance of Property › Chapter 443 - Mortgages, Deeds of Trust and Mortgage Brokers › Section 443.1004 - Designation of first-time home buyer savings account, use of — qualified beneficiary — limitations on accounts — service fee.

Title XXIX OWNERSHIP AND CONVEYANCE OF PROPERTY
Chapter 443
• Effective - 28 Aug 2018
443.1004. Designation of first-time home buyer savings account, use of — qualified beneficiary — limitations on accounts — service fee. —
1. Beginning January 1, 2019, any individual may open an account with a financial institution and designate the account, in its entirety, as a first-time home buyer savings account to be used to pay or reimburse a qualified beneficiary's eligible expenses for the purchase of his or her primary residence in Missouri. An individual may be the account holder of multiple accounts, and an individual may jointly own the account with another person if such persons file a married filing combined income tax return. To be eligible for the tax deduction under section 143.1150, an account holder shall comply with the requirements of this section.
2. An account holder shall designate, no later than April fifteenth of the year following the tax year during which the account was established, a first-time home buyer as the qualified beneficiary of the first-time home buyer savings account. The account holder may designate himself or herself as the qualified beneficiary. The account holder may change the designated qualified beneficiary at any time, but no first-time home buyer savings account shall have more than one qualified beneficiary at any time. No account holder shall have multiple accounts with the same qualified beneficiary, but an individual may be designated as the qualified beneficiary of multiple accounts.
3. (1) The following limits apply to a first-time home buyer savings account:
(a) The maximum contribution to a first-time home buyer savings account is one thousand six hundred dollars per year for an individual and three thousand two hundred dollars per year for account holders who file a married filing combined income tax return;
(b) The maximum amount of all contributions for all tax years to a first-time home buyer savings account is twenty thousand dollars; and
(c) The maximum total amount in an account is thirty thousand dollars.
(2) If a limit in subdivision (1) of this subsection is exceeded, then thereafter no interest or other income earned on the investment of moneys in the first-time home buyer savings account shall be included in the tax deduction under section 143.1150.
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(3) Moneys may remain in a first-time home buyer savings account for an unlimited duration without the interest or income being subject to recapture or penalty.
4. The account holder shall not use moneys 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. The account holder shall be responsible for maintaining documentation for the first-time home buyer savings account and for eligible expenses related to the qualified beneficiary's purchase of a primary residence.
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(L. 2018 H.B. 1796)
*Word "; and" appears in original rolls.