™Your Policy Risk Impact Agent
13 chapters · 314 sections in this title.
Va. Code Ann. § 36-171 Definitions
3.6K chars
As used in this chapter, unless the context requires a different meaning: "Account holder" means an individual who establishes, individually or jointly with one or more other individuals, an account with a financial institution for which the account holder claims a first-time hom…
Va. Code Ann. § 36-172 Claiming first-time home buyer status
1.6K chars
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 a…
Va. Code Ann. § 36-173 Tax exemption; conditions
1.2K chars
A. All interest or other income earned attributable to an account shall be excluded from the Virginia taxable income of the account holder as provided under subdivision 25 of § 58.1-322.02. B. There shall be an aggregate limit of $50,000 per account on the amount of principal for…
Va. Code Ann. § 36-174 Withdrawal of funds from account for purposes other than eligible costs for first-time home purchase
1.2K chars
If moneys or funds are withdrawn from an account for any purpose other than the payment of eligible costs by or on behalf of a qualified beneficiary, there shall be imposed a penalty calculated using the Form 1099 showing the amount of income exempted from state income tax, and a…