462D.02 DEFINITIONS.

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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.

History:

1Sp2017 c 1 art 1 s 37

History: History:

  1Sp2017 c 1 art 1 s 37