{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/36-172.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/36-172.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/36-172.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/36-172.html"}],"law_id":75176,"edition_id":1,"section_id":75176,"structure_id":16198,"section_number":"36-172","catch_line":"Claiming first-time home buyer status","history":"2014, c. 729, \u00a7 55-556; 2017, c. 444; 2019, c. 712.","full_text":"A\n\nThe 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\n\nThe account holder shall (i) not use moneys or funds held 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; (ii) maintain documentation, which may include the settlement statement, of the segregation of moneys or funds in separate accounts and documentation of eligible costs for the purchase of a single-family residence in the Commonwealth; (iii) file, with the account holder’s Virginia income tax return, forms developed by the Department of Taxation regarding treatment of the account as a first-time home buyer savings account under this chapter, along with the Form 1099 issued by the financial institution for such account; and (iv) remit to the Department of Taxation the tax on any amounts (a) added to individual income pursuant to subdivision 6 of § 58.1-322.01 or (b) recaptured pursuant to subdivision 25 of § 58.1-322.02.C\n\nThe Tax Commissioner shall develop guidelines applicable to account holders to implement the provisions of this chapter. Such guidelines shall be exempt from the provisions of the Administrative Process Act (§ 2.2-4000 et seq.). Such guidelines shall not apply to, or impose administrative, reporting, or other obligations or requirements on, financial institutions-related accounts for which first-time home buyer savings account status is claimed by the account holder.","order_by":null,"text":{"0":{"id":269939,"text":"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.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":269940,"text":"The account holder shall (i) not use moneys or funds held 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; (ii) maintain documentation, which may include the settlement statement, of the segregation of moneys or funds in separate accounts and documentation of eligible costs for the purchase of a single-family residence in the Commonwealth; (iii) file, with the account holder’s Virginia income tax return, forms developed by the Department of Taxation regarding treatment of the account as a first-time home buyer savings account under this chapter, along with the Form 1099 issued by the financial institution for such account; and (iv) remit to the Department of Taxation the tax on any amounts (a) added to individual income pursuant to subdivision 6 of § 58.1-322.01 or (b) recaptured pursuant to subdivision 25 of § 58.1-322.02.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":269941,"text":"The Tax Commissioner shall develop guidelines applicable to account holders to implement the provisions of this chapter. Such guidelines shall be exempt from the provisions of the Administrative Process Act (§ 2.2-4000 et seq.). Such guidelines shall not apply to, or impose administrative, reporting, or other obligations or requirements on, financial institutions-related accounts for which first-time home buyer savings account status is claimed by the account holder.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"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}],"previous_section":{"id":78722,"structure_id":16198,"section_number":"36-171","catch_line":"Definitions","url":"\/36-171\/","token":"36\/12\/36-171","metadata":false},"next_section":{"id":87170,"structure_id":16198,"section_number":"36-173","catch_line":"Tax exemption; conditions","url":"\/36-173\/","token":"36\/12\/36-173","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/36-172\/","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 2 times. 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. Those modifications are as follows: in 2017, chapter 444<\/a>; in 2019, chapter 712<\/a>.<\/p>","references":false,"refers_to":[{"id":86911,"section_number":"2.2-4000","catch_line":"Short title; purpose","order_by":null,"url":"\/2.2-4000\/"},{"id":85168,"section_number":"58.1-322.01","catch_line":"Virginia taxable income; additions","order_by":null,"url":"\/58.1-322.01\/"}],"permalink":{"id":208917,"object_type":"law","relational_id":75176,"identifier":"36-172","token":"36\/12\/36-172","url":"\/36-172\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/36-172\/","token":"36\/12\/36-172","dublin_core":{"Title":"Claiming first-time home buyer status","Type":"Text","Format":"text\/html","Identifier":"\u00a7 36-172","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The account holder<\/span> shall be responsible for the use or application of moneys or funds in an account for which the account holder<\/span> claims first-time home buyer savings account<\/span> status. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The account holder<\/span> shall (i) not use moneys or funds held 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<\/span>; (ii) maintain documentation, which may include the settlement statement<\/span>, of the segregation of moneys or funds in separate accounts<\/span> and documentation of eligible costs<\/span> for the purchase of a single-family residence<\/span> in the Commonwealth; (iii) file, with the account holder<\/span>’s Virginia income tax return, forms developed by the Department of Taxation regarding treatment of the account as a first-time home buyer savings account<\/span> under this chapter, along with the Form 1099 issued by the financial institution<\/span> for such account; and (iv) remit to the Department of Taxation the tax on any amounts (a) added to individual income pursuant to subdivision 6 of § 58.1-322.01<\/a> or (b) recaptured pursuant to subdivision 25 of § 58.1-322.02<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The Tax Commissioner shall develop guidelines applicable to account holders<\/span> to implement the provisions of this chapter. Such guidelines shall be exempt from the provisions of the Administrative Process Act (§ 2.2-4000<\/a> et seq.). Such guidelines shall not apply to, or impose administrative, reporting, or other obligations or requirements on, financial institutions<\/span>-related accounts<\/span> for which first-time home buyer savings account<\/span> status is claimed by the account holder<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCLAIMING FIRST-TIME HOME BUYER STATUS (\u00a7 36-172)\n\nA. The account holder shall be responsible for the use or application of moneys\nor funds in an account for which the account holder claims first-time home buyer\nsavings account status.\n\nB. The account holder shall (i) not use moneys or funds held in an account to\npay expenses of administering the account, except that a service fee may be\ndeducted from the account by a financial institution; (ii) maintain\ndocumentation, which may include the settlement statement, of the segregation of\nmoneys or funds in separate accounts and documentation of eligible costs for the\npurchase of a single-family residence in the Commonwealth; (iii) file, with the\naccount holder’s Virginia income tax return, forms developed by the\nDepartment of Taxation regarding treatment of the account as a first-time home\nbuyer savings account under this chapter, along with the Form 1099 issued by the\nfinancial institution for such account; and (iv) remit to the Department of\nTaxation the tax on any amounts (a) added to individual income pursuant to\nsubdivision 6 of § 58.1-322.01 or (b) recaptured pursuant to subdivision 25\nof § 58.1-322.02.\n\nC. The Tax Commissioner shall develop guidelines applicable to account holders\nto implement the provisions of this chapter. Such guidelines shall be exempt\nfrom the provisions of the Administrative Process Act (§ 2.2-4000 et seq.).\nSuch guidelines shall not apply to, or impose administrative, reporting, or\nother obligations or requirements on, financial institutions-related accounts\nfor which first-time home buyer savings account status is claimed by the account\nholder.\n\nHISTORY: 2014, c. 729, \u00a7 55-556; 2017, c. 444; 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}}