{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/36-173.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/36-173.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/36-173.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/36-173.html"}],"law_id":87170,"edition_id":1,"section_id":87170,"structure_id":16198,"section_number":"36-173","catch_line":"Tax exemption; conditions","history":"2014, c. 729, \u00a7 55-557; 2017, c. 444; 2019, c. 712.","full_text":"A\n\nAll 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\n\nThere shall be an aggregate limit of $50,000 per account on the amount of principal for which the account holder may claim first-time home buyer savings account status. Only cash and marketable securities may be contributed to an account.C\n\nSubject to the aggregate limit on the amount of principal that may be contributed to an account pursuant to subsection B, there shall be a limitation of $150,000 on the amount of principal and interest or other income on the principal that may be retained within an account.D\n\nAn account holder shall be subject to Virginia income tax pursuant to subdivision 6 of § 58.1-322.01 to the extent of any loss deducted as a capital loss by the individual for federal income tax purposes attributable to the person’s account.E\n\nUpon being furnished proof of the death of the account holder, a financial institution shall distribute the principal and accumulated interest or other income in the account in accordance with the terms of the contract governing the account.","order_by":null,"text":{"0":{"id":312116,"text":"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.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":312117,"text":"There shall be an aggregate limit of $50,000 per account on the amount of principal for which the account holder may claim first-time home buyer savings account status. Only cash and marketable securities may be contributed to an account.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":312118,"text":"Subject to the aggregate limit on the amount of principal that may be contributed to an account pursuant to subsection B, there shall be a limitation of $150,000 on the amount of principal and interest or other income on the principal that may be retained within an account.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":312119,"text":"An account holder shall be subject to Virginia income tax pursuant to subdivision 6 of § 58.1-322.01 to the extent of any loss deducted as a capital loss by the individual for federal income tax purposes attributable to the person’s account.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":312120,"text":"Upon being furnished proof of the death of the account holder, a financial institution shall distribute the principal and accumulated interest or other income in the account in accordance with the terms of the contract governing the account.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/36-173\/","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":85168,"section_number":"58.1-322.01","catch_line":"Virginia taxable income; additions","order_by":null,"url":"\/58.1-322.01\/"}],"permalink":{"id":208921,"object_type":"law","relational_id":87170,"identifier":"36-173","token":"36\/12\/36-173","url":"\/36-173\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/36-173\/","token":"36\/12\/36-173","dublin_core":{"Title":"Tax exemption; conditions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 36-173","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> All interest or other income earned attributable to an account shall be excluded from the Virginia taxable income of the account holder<\/span> as provided under subdivision 25 of § 58.1-322.02<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> There shall be an aggregate limit of $50,000 per account on the amount of principal for which the account holder<\/span> may claim first-time home buyer savings account<\/span> status. Only cash and marketable securities may be contributed to an account. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Subject to the aggregate limit on the amount of principal that may be contributed to an account pursuant to subsection B, there shall be a limitation of $150,000 on the amount of principal and interest or other income on the principal that may be retained within an account. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> An account holder<\/span> shall be subject to Virginia income tax pursuant to subdivision 6 of § 58.1-322.01<\/a> to the extent of any loss deducted as a capital loss by the individual for federal income tax purposes attributable to the person’s account. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> Upon being furnished proof of the death of the account holder<\/span>, a financial institution<\/span> shall distribute the principal and accumulated interest or other income in the account in accordance with the terms of the contract<\/span> governing the account. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nTAX EXEMPTION; CONDITIONS (\u00a7 36-173)\n\nA. All interest or other income earned attributable to an account shall be\nexcluded from the Virginia taxable income of the account holder as provided\nunder subdivision 25 of § 58.1-322.02.\n\nB. There shall be an aggregate limit of $50,000 per account on the amount of\nprincipal for which the account holder may claim first-time home buyer savings\naccount status. Only cash and marketable securities may be contributed to an\naccount.\n\nC. Subject to the aggregate limit on the amount of principal that may be\ncontributed to an account pursuant to subsection B, there shall be a limitation\nof $150,000 on the amount of principal and interest or other income on the\nprincipal that may be retained within an account.\n\nD. An account holder shall be subject to Virginia income tax pursuant to\nsubdivision 6 of § 58.1-322.01 to the extent of any loss deducted as a\ncapital loss by the individual for federal income tax purposes attributable to\nthe person’s account.\n\nE. Upon being furnished proof of the death of the account holder, a financial\ninstitution shall distribute the principal and accumulated interest or other\nincome in the account in accordance with the terms of the contract governing the\naccount.\n\nHISTORY: 2014, c. 729, \u00a7 55-557; 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}}