Oklahoma § 46-317 - Withdrawal of funds for other purposes - Penalty
Full text of Oklahoma Oklahoma Statutes § 46-317 — Withdrawal of funds for other purposes - Penalty, with citation guidance and answers to common questions.
§ 46-317. Withdrawal of funds for other purposes - Penalty
Except as otherwise authorized by subsection B of Section 4 of
this act, if the account holder withdraws any funds from a home
buyer savings account for a purpose other than eligible costs for
the purchase of a single-family residence, such funds shall be
included in the account holder's taxable income and the account
holder shall pay a penalty to the Oklahoma Tax Commission equal to
ten percent (10%) of the amount withdrawn. Such penalty shall not
apply to funds withdrawn from an account that were:
1. Withdrawn by reason of the account holder's death or
disability;
2. A disbursement of assets of the account pursuant to a filing
for protection under the United States Bankruptcy Code, 11 U.S.C. §
101 et seq.; or
3. Transferred from an account established under this act into
another account established under this act in accordance with
subsection B of Section 4 of this act.
Added by Laws 2019, c. 186, § 7, eff. Jan. 1, 2020.
Source: official Oklahoma text · Last verified 2026-08-27
Frequently Asked Questions About Oklahoma § 46-317
What does Oklahoma Statutes § 46-317 cover?
Section 46-317 ("Withdrawal of funds for other purposes - Penalty") is part of the Oklahoma Statutes, the codified statutory law of Oklahoma. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Oklahoma § 46-317?
A common citation format is "Oklahoma Statutes § 46-317" (Oklahoma). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Oklahoma law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Oklahoma official source linked on this page or consult a licensed Oklahoma attorney.
How does Oklahoma § 46-317 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Oklahoma can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Oklahoma.