{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/36-171.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/36-171.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/36-171.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/36-171.html"}],"law_id":78722,"edition_id":1,"section_id":78722,"structure_id":16198,"section_number":"36-171","catch_line":"Definitions","history":"2014, c. 729, \u00a7 55-555; 2019, c. 712.","full_text":"As used in this chapter, unless the context requires a different meaning:\n\t\t“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 home buyer savings account status on his Virginia income tax return.\n\t\t“Allowable closing costs” means a disbursement listed on a settlement statement for the purchase of a single-family residence in the Commonwealth by a qualified beneficiary.\n\t\t“Eligible costs” means the down payment and allowable closing costs for the purchase of a single-family residence in the Commonwealth by a qualified beneficiary.\n\t\t“Financial institution” means any bank, trust company, savings institution, industrial loan association, consumer finance company, or credit union or any benefit association, insurance company, safe deposit company, money market mutual fund, or similar entity authorized to do business in the Commonwealth.\n\t\t“First-time home buyer savings account” or “account” means an account with a financial institution for which the account holder claims first-time home buyer savings account status on his Virginia income tax return for taxable year 2014 or any taxable year thereafter, pursuant to this chapter for the purpose of paying or reimbursing eligible costs for the purchase of a single-family residence in the Commonwealth by a qualified beneficiary. Financial institutions shall not be required to (i) designate an account as a first-time home buyer savings account, or designate the beneficiaries of such accounts, in the financial institutions’ account contracts or systems or in any other way; (ii) track the use of funds withdrawn from such accounts; (iii) allocate funds in such accounts among joint account owners or multiple beneficiaries; or (iv) report any of the information stated in clause (i), (ii), or (iii) to the Department of Taxation or other governmental agency. Financial institutions shall not be responsible for or liable for (a) determining or ensuring that an account satisfies the requirements to be a first-time home buyer savings account, (b) determining or ensuring that costs are eligible costs, or (c) reporting or remitting taxes or penalties for such accounts.\n\t\t“Qualified beneficiary” means only an individual who resides in the Commonwealth at the time of settlement on the purchase of a single-family residence in the Commonwealth who (i) has never owned or purchased under contract for deed, either individually or jointly, a single-family residence in the Commonwealth or outside of the Commonwealth; (ii) is designated as the beneficiary of an account designated by the account holder as a first-time home buyer savings account; and (iii) may apply moneys or funds held in such account for eligible costs. A qualified beneficiary may use the funds from such account for eligible costs regardless of whether such qualified beneficiary purchases the single-family residence as sole owner or jointly with another individual.\n\t\t“Settlement statement” means the statement of receipts and disbursements for a transaction related to real estate, including a statement prescribed under the Real Estate Settlement Procedures Act of 1974 (RESPA), 12 U.S.C. \u00a7 2601 et seq., as amended, and the regulations thereunder, or an executed sales agreement for the purchase of a manufactured home being conveyed as personal property.\n\t\t“Single-family residence” means a single-family residence owned and occupied by a qualified beneficiary, including a manufactured home, trailer, mobile home, condominium unit, or cooperative.","order_by":null,"text":{"0":{"id":282070,"text":"As used in this chapter, unless the context requires a different meaning:\n\t\t“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 home buyer savings account status on his Virginia income tax return.\n\t\t“Allowable closing costs” means a disbursement listed on a settlement statement for the purchase of a single-family residence in the Commonwealth by a qualified beneficiary.\n\t\t“Eligible costs” means the down payment and allowable closing costs for the purchase of a single-family residence in the Commonwealth by a qualified beneficiary.\n\t\t“Financial institution” means any bank, trust company, savings institution, industrial loan association, consumer finance company, or credit union or any benefit association, insurance company, safe deposit company, money market mutual fund, or similar entity authorized to do business in the Commonwealth.\n\t\t“First-time home buyer savings account” or “account” means an account with a financial institution for which the account holder claims first-time home buyer savings account status on his Virginia income tax return for taxable year 2014 or any taxable year thereafter, pursuant to this chapter for the purpose of paying or reimbursing eligible costs for the purchase of a single-family residence in the Commonwealth by a qualified beneficiary. Financial institutions shall not be required to (i) designate an account as a first-time home buyer savings account, or designate the beneficiaries of such accounts, in the financial institutions’ account contracts or systems or in any other way; (ii) track the use of funds withdrawn from such accounts; (iii) allocate funds in such accounts among joint account owners or multiple beneficiaries; or (iv) report any of the information stated in clause (i), (ii), or (iii) to the Department of Taxation or other governmental agency. Financial institutions shall not be responsible for or liable for (a) determining or ensuring that an account satisfies the requirements to be a first-time home buyer savings account, (b) determining or ensuring that costs are eligible costs, or (c) reporting or remitting taxes or penalties for such accounts.\n\t\t“Qualified beneficiary” means only an individual who resides in the Commonwealth at the time of settlement on the purchase of a single-family residence in the Commonwealth who (i) has never owned or purchased under contract for deed, either individually or jointly, a single-family residence in the Commonwealth or outside of the Commonwealth; (ii) is designated as the beneficiary of an account designated by the account holder as a first-time home buyer savings account; and (iii) may apply moneys or funds held in such account for eligible costs. A qualified beneficiary may use the funds from such account for eligible costs regardless of whether such qualified beneficiary purchases the single-family residence as sole owner or jointly with another individual.\n\t\t“Settlement statement” means the statement of receipts and disbursements for a transaction related to real estate, including a statement prescribed under the Real Estate Settlement Procedures Act of 1974 (RESPA), 12 U.S.C. \u00a7 2601 et seq., as amended, and the regulations thereunder, or an executed sales agreement for the purchase of a manufactured home being conveyed as personal property.\n\t\t“Single-family residence” means a single-family residence owned and occupied by a qualified beneficiary, including a manufactured home, trailer, mobile home, condominium unit, or cooperative.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":16198,"edition_id":1,"name":"First-Time Home Buyer Savings Plan Act","identifier":"12","label":"chapter","depth":2,"order_by":1,"parent_id":12779,"metadata":{},"date_created":"2026-06-26 04:08:48","date_modified":"2026-06-26 04:08:48","permalink":{"id":208911,"object_type":"structure","relational_id":16198,"identifier":"12","token":"36\/12","url":"\/36\/12\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12779,"edition_id":1,"name":"Housing","identifier":"36","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:52","date_modified":"2026-06-26 03:43:52","permalink":{"id":208257,"object_type":"structure","relational_id":12779,"identifier":"36","token":"36","url":"\/36\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":78722,"structure_id":16198,"section_number":"36-171","catch_line":"Definitions","url":"\/36-171\/","token":"36\/12\/36-171","metadata":false},{"id":75176,"structure_id":16198,"section_number":"36-172","catch_line":"Claiming first-time home buyer status","url":"\/36-172\/","token":"36\/12\/36-172","metadata":false},{"id":87170,"structure_id":16198,"section_number":"36-173","catch_line":"Tax exemption; conditions","url":"\/36-173\/","token":"36\/12\/36-173","metadata":false},{"id":75675,"structure_id":16198,"section_number":"36-174","catch_line":"Withdrawal of funds from account for purposes other than eligible costs for first-time home purchase","url":"\/36-174\/","token":"36\/12\/36-174","metadata":false},{"id":64705,"structure_id":16198,"section_number":"36-175","catch_line":"False claims prohibited; penalty","url":"\/36-175\/","token":"36\/12\/36-175","metadata":false}],"next_section":{"id":75176,"structure_id":16198,"section_number":"36-172","catch_line":"Claiming first-time home buyer status","url":"\/36-172\/","token":"36\/12\/36-172","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/36-171\/","history_text":"

This law was first created in 2014. The record of its establishment is cataloged in chapter 729<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2019, chapter 712<\/a>.<\/p>","references":[{"id":85168,"section_number":"58.1-322.01","catch_line":"Virginia taxable income; additions","order_by":null,"url":"\/58.1-322.01\/"},{"id":81784,"section_number":"58.1-322.02","catch_line":"Virginia taxable income; subtractions","order_by":null,"url":"\/58.1-322.02\/"}],"refers_to":false,"permalink":{"id":208913,"object_type":"law","relational_id":78722,"identifier":"36-171","token":"36\/12\/36-171","url":"\/36-171\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/36-171\/","token":"36\/12\/36-171","dublin_core":{"Title":"Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 36-171","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

As used in this chapter, unless the context requires a different meaning:\n\t\t“Account holder<\/span>” means an individual who establishes, individually or jointly with one or more other individuals, an account with a financial institution<\/span> for which the account holder<\/span> claims a first-time home buyer savings account<\/span> status on his Virginia income tax return.\n\t\t“Allowable closing costs<\/span>” means a disbursement listed on a settlement statement<\/span> for the purchase of a single-family residence<\/span> in the Commonwealth by a qualified beneficiary<\/span>.\n\t\t“Eligible costs<\/span>” means the down payment and allowable closing costs<\/span> for the purchase of a single-family residence<\/span> in the Commonwealth by a qualified beneficiary<\/span>.\n\t\t“Financial institution<\/span>” means any bank, trust company, savings institution, industrial loan association, consumer finance company, or credit union or any benefit association, insurance company, safe deposit company, money market mutual fund, or similar entity authorized to do business in the Commonwealth.\n\t\t“First-time home buyer savings account<\/span>” or “account” means an account with a financial institution<\/span> for which the account holder<\/span> claims first-time home buyer savings account<\/span> status on his Virginia income tax return for taxable year 2014 or any taxable year thereafter, pursuant to this chapter for the purpose of paying or reimbursing eligible costs<\/span> for the purchase of a single-family residence<\/span> in the Commonwealth by a qualified beneficiary<\/span>. Financial institutions<\/span> shall not be required to (i) designate an account as a first-time home buyer savings account<\/span>, or designate the beneficiaries of such accounts<\/span>, in the financial institutions<\/span>’ account contracts<\/span> or systems or in any other way; (ii) track the use of funds withdrawn from such accounts<\/span>; (iii) allocate funds in such accounts<\/span> among joint account owners or multiple beneficiaries; or (iv) report any of the information stated in clause (i), (ii), or (iii) to the Department of Taxation or other governmental agency. Financial institutions<\/span> shall not be responsible for or liable for (a) determining or ensuring that an account satisfies the requirements to be a first-time home buyer savings account<\/span>, (b) determining or ensuring that costs are eligible costs<\/span>, or (c) reporting or remitting taxes or penalties for such accounts<\/span>.\n\t\t“Qualified beneficiary<\/span>” means only an individual who resides in the Commonwealth at the time of settlement on the purchase of a single-family residence<\/span> in the Commonwealth who (i) has never owned or purchased under contract<\/span> for deed, either individually or jointly, a single-family residence<\/span> in the Commonwealth or outside of the Commonwealth; (ii) is designated as the beneficiary of an account designated by the account holder<\/span> as a first-time home buyer savings account<\/span>; and (iii) may apply moneys or funds held in such account for eligible costs<\/span>. A qualified beneficiary<\/span> may use the funds from such account for eligible costs<\/span> regardless of whether such qualified beneficiary<\/span> purchases the single-family residence<\/span> as sole owner or jointly with another individual.\n\t\t“Settlement statement<\/span>” means the statement of receipts and disbursements for a transaction related to real estate, including a statement prescribed under the Real Estate Settlement Procedures Act of 1974 (RESPA), 12 U.S.C. \u00a7 2601 et seq., as amended, and the regulations thereunder, or an executed sales agreement for the purchase of a manufactured home being conveyed as personal property.\n\t\t“Single-family residence<\/span>” means a single-family residence<\/span> owned and occupied by a qualified beneficiary<\/span>, including a manufactured home, trailer, mobile home, condominium unit, or cooperative.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS (\u00a7 36-171)\n\nAs used in this chapter, unless the context requires a different meaning:\n\t\t“Account holder” means an individual who establishes, individually\nor jointly with one or more other individuals, an account with a financial\ninstitution for which the account holder claims a first-time home buyer savings\naccount status on his Virginia income tax return.\n\t\t“Allowable closing costs” means a disbursement listed on a\nsettlement statement for the purchase of a single-family residence in the\nCommonwealth by a qualified beneficiary.\n\t\t“Eligible costs” means the down payment and allowable closing\ncosts for the purchase of a single-family residence in the Commonwealth by a\nqualified beneficiary.\n\t\t“Financial institution” means any bank, trust company, savings\ninstitution, industrial loan association, consumer finance company, or credit\nunion or any benefit association, insurance company, safe deposit company, money\nmarket mutual fund, or similar entity authorized to do business in the\nCommonwealth.\n\t\t“First-time home buyer savings account” or “account”\nmeans an account with a financial institution for which the account holder\nclaims first-time home buyer savings account status on his Virginia income tax\nreturn for taxable year 2014 or any taxable year thereafter, pursuant to this\nchapter for the purpose of paying or reimbursing eligible costs for the purchase\nof a single-family residence in the Commonwealth by a qualified beneficiary.\nFinancial institutions shall not be required to (i) designate an account as a\nfirst-time home buyer savings account, or designate the beneficiaries of such\naccounts, in the financial institutions’ account contracts or systems or\nin any other way; (ii) track the use of funds withdrawn from such accounts;\n(iii) allocate funds in such accounts among joint account owners or multiple\nbeneficiaries; or (iv) report any of the information stated in clause (i), (ii),\nor (iii) to the Department of Taxation or other governmental agency. Financial\ninstitutions shall not be responsible for or liable for (a) determining or\nensuring that an account satisfies the requirements to be a first-time home\nbuyer savings account, (b) determining or ensuring that costs are eligible\ncosts, or (c) reporting or remitting taxes or penalties for such accounts.\n\t\t“Qualified beneficiary” means only an individual who resides in\nthe Commonwealth at the time of settlement on the purchase of a single-family\nresidence in the Commonwealth who (i) has never owned or purchased under\ncontract for deed, either individually or jointly, a single-family residence in\nthe Commonwealth or outside of the Commonwealth; (ii) is designated as the\nbeneficiary of an account designated by the account holder as a first-time home\nbuyer savings account; and (iii) may apply moneys or funds held in such account\nfor eligible costs. A qualified beneficiary may use the funds from such account\nfor eligible costs regardless of whether such qualified beneficiary purchases\nthe single-family residence as sole owner or jointly with another individual.\n\t\t“Settlement statement” means the statement of receipts and\ndisbursements for a transaction related to real estate, including a statement\nprescribed under the Real Estate Settlement Procedures Act of 1974 (RESPA), 12\nU.S.C. \u00a7 2601 et seq., as amended, and the regulations thereunder, or an\nexecuted sales agreement for the purchase of a manufactured home being conveyed\nas personal property.\n\t\t“Single-family residence” means a single-family residence owned\nand occupied by a qualified beneficiary, including a manufactured home, trailer,\nmobile home, condominium unit, or cooperative.\n\nHISTORY: 2014, c. 729, \u00a7 55-555; 2019, c. 712.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}