1. The department shall establish forms for an account holder to annually report information about a first-time home buyer savings account including, but not limited to, how the moneys withdrawn from the fund are used and shall identify any supporting documentation that is required to be maintained. To be eligible for the tax deduction under section 143.1150, an account holder shall annually file with the account holder’s state income tax return all forms required by the department under this section, the 1099 form for the account issued by the financial institution, and any other supporting documentation the department requires.

2. The department of revenue may promulgate rules and regulations necessary to administer the provisions of the first-time home buyer savings account act. Any rule or portion of a rule, as that term is defined in section 536.010, that is created under the authority delegated in this section shall become effective only if it complies with and is subject to all of the provisions of chapter 536 and, if applicable, section 536.028. This section and chapter 536 are nonseverable, and if any of the powers vested with the general assembly pursuant to chapter 536 to review, to delay the effective date, or to disapprove and annul a rule are subsequently held unconstitutional, then the grant of rulemaking authority and any rule proposed or adopted after August 28, 2018, shall be invalid and void.