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Rule: 42.15.907 Prev     Up     Next    
Rule Title: FIRST-TIME HOME BUYER ACCOUNT - NON-ELIGIBLE WITHDRAWAL FOR NONRESIDENT
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Department: REVENUE, DEPARTMENT OF
Chapter: INCOME TAX
Subchapter: First-time Home Buyer Deductions
 
Latest version of the adopted rule presented in Administrative Rules of Montana (ARM):

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42.15.907    FIRST-TIME HOME BUYER ACCOUNT - NON-ELIGIBLE WITHDRAWAL FOR NONRESIDENT

(1) A resident account holder who subsequently becomes a nonresident and who has established a Montana first-time home buyer account while a resident and excluded income from Montana adjusted gross income in prior years is not entitled to a qualified withdrawal for the purchase of a single-family residence outside the state of Montana.

(2) A non-resident who files a final tax return in Montana must report, as income in the final year of residency, the amount of principal and interest previously excluded from adjusted gross income. This amount is considered a non-qualified withdrawal and subject to the 10% penalty provided in 15-63-203 , MCA, unless withdrawn on the last business day of the account holder's business year.

History: Sec. 15-1-201, MCA; IMP, Sec. 15-63-102 and 15-63-203, MCA; NEW, 2004 MAR p. 1033, Eff. 4/23/04.


 

 
MAR Notices Effective From Effective To History Notes
4/23/2004 Current History: Sec. 15-1-201, MCA; IMP, Sec. 15-63-102 and 15-63-203, MCA; NEW, 2004 MAR p. 1033, Eff. 4/23/04.
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