Or. Admin. Code § 813-300-0120 - Account Holder Use of Funds

(1) Account holders only may withdraw and use IDA matching deposits as approved by their fiduciary organization, in a manner consistent with their IDA, the relevant personal development plan, ORS 458.685, these rules and any relevant directives of the Department and its designee.

(2) Account holders only may withdraw and use IDA matching deposits for the purposes identified in ORS 458.685 (a)-(n), and as additionally specified below:

(a) If the account holder has established an account for the acquisition of post-secondary education or job training, the account holder may withdraw, or authorize the withdrawal of funds, including matching deposits, into a college savings network account under ORS 178.300 to 178.360. The rollover of moneys into a college savings network account under this subsection may not cause the amount in the college savings network account to exceed the limit on total contributions established pursuant to ORS 178.335. Any amount of the rollover that has been subtracted on the taxpayer's federal return pursuant to section 219 of the Internal Revenue Code shall be added back in the determination of taxable income.

(b) For the purchase of equipment, technology, or specialized training required to become competitive in obtaining or maintaining employment or to start or maintain a business, or to increase the independence of an account holder. This use includes purchase of mobility devices and other assistive technology.

(c) If the account holder has established an account for the purpose of saving for retirement, the account holder may withdraw or authorize the withdrawal of funds, including matching deposits and interest into an individual retirement account, a retirement plan, or a similar account or plan established pursuant to the terms of The Internal Revenue Code of 1986, as amended. Any amount of the rollover that has been subtracted on the taxpayer's federal return pursuant to section 219 of the Internal Revenue Code shall be added back in the determination of taxable income.

(3) Account holders may not use IDA deposits to purchase a primary residence if they have owned or held any interest in a residence during the three years prior to making the purchase for which they intend to use IDA deposits. This three-year restriction shall not apply as specified in 458.685 (d) or for a tribal member who has an interest in trust land and still has rights to an allotment under the Dawes Act Public Law 280 and amended in 1891, the 1906 Burke Act and the 1910 Omnibus Act Statutes at Large 24, 388-91, NADP Document A1887, but the tribal member faces multiple ownership of his or her land status and cannot successfully achieve sole ownership in order to receive any equity or collateral from that allotment. If the tribal member solely owns a residence on land known as an allotment and has successfully received sole ownership including the receipt of title status report (TSR) through the Bureau of Indian Affairs, they may not use IDA deposits to purchase a primary residence. If the person can receive more than $2500 in equity or collateral of their allotment, the value over $2500 shall be included in their asset limit.

Notes

Or. Admin. Code § 813-300-0120

OHCS 12-2002(Temp), f. & cert. ef. 10-8-02 thru 4-5-03; OHCS 1-2003, f. & cert. ef. 4-4-03; OHCS 9-2003, f. & cert. ef. 12-19-03; OHCS 13-2007(Temp), f. & cert. ef. 10-2-07 thru 3-30-08; OHCS 2-2008, f. &cert. ef. 3-18-08; OHCS 2-2016, f. & cert. ef. 3/25/2016; OHCS 7-2018, amend filed 05/30/2018, effective 05/30/2018; OHCS 1-2020, amend filed 01/24/2020, effective 1/24/2020; OHCS 8-2021, temporary amend filed 09/24/2021, effective 9/25/2021through 3/23/2022; OHCS 7-2022, amend filed 03/08/2022, effective 3/18/2022; OHCS 4-2024, amend filed 04/03/2024, effective 4/3/2024

Statutory/Other Authority: ORS 456.555 & ORS 456.625

Statutes/Other Implemented: ORS 458.670 - 458.700 & ORS 178.300 - 178.360