Treasury is reviewing the recently enacted tax law changes, including the new Marijuana Wholesale Tax. Developing clear and accurate information for tax stakeholders is our top priority. This guidance will be posted to our website in the coming weeks.
Does a financial institution have any responsibilities connected to First-Time Home Buyer Savings Accounts?
No, the financial institution is not responsible or liable for any of the following: (i) designating an account as a first-time home buyer savings account, (ii) designating the qualified beneficiaries, (iii) tracking the use of money withdrawn, (iv) allocating funds among joint account holders or multiple qualified beneficiaries, (v) determining or ensuring that the account meets the requirements to be a first-time home buyer savings account, (vi) reporting or remitting taxes or penalties related to the use of the first-time home buyer savings account, or (vii) reporting any information to the Department of Treasury that is not otherwise required by law.