Title 4, STATE OFFICES AND ADMINISTRATION

Sec. 11. (a) Each community development corporation or community based organization shall annually provide the authority with information needed to determine: (1) the number of accounts administered by the community development corporation or community based organization; (2) the…

Sec. 12. (a) The authority shall allocate, for each account that has been established, for not more than five (5) years, three dollars ($3) for each one dollar ($1) of the first one thousand five hundred dollars ($1,500) an individual deposited into the individual's account. Howe…

Sec. 13. (a) Each community development corporation or community based organization may apply to the authority for an allocation of tax credits under IC 6-3.1-18 for the contributors to a fund established under this section. A community development corporation or community based …

Sec. 14. (a) An account must earn interest at a rate that is competitive in the county where the account is located. (b) Interest earned on an account during a taxable year is not subject to taxation under IC 6-3 or IC 6-5.5. (c) An account is a custodial account and is not subje…

Sec. 15. (a) An individual must request and receive authorization from the community development corporation or community based organization that administers the individual's account before withdrawing money from the account for any purpose. (b) An individual who is denied author…

Sec. 16. (a) Money withdrawn from an individual's account is not subject to taxation under IC 6-3-1 through IC 6-3-7 if the money is used for at least one (1) of the following: (1) To pay for costs (including tuition, laboratory costs, books, computer costs, and other costs) at a…

Sec. 17. Money in an account may not be considered: (1) an asset of an individual when determining the individual's eligibility for assistance under IC 12-14; or (2) a countable asset (as defined in IC 12-7-2.1-91). As added by P.L.15-1997, SEC.1. Amended by P.L.145-2026, SEC.4.…

Sec. 18. (a) Each community development corporation or community based organization shall annually: (1) evaluate the individual development accounts administered by the community development corporation or community based organization; and (2) submit a report containing the evalu…

Sec. 2. As used in this chapter, "community development corporation" means a private, nonprofit corporation: (1) whose board of directors consists primarily of community representatives and business, civic, and community leaders; and (2) whose principal purpose includes the provi…

Sec. 21. The authority may adopt rules under IC 4-22-2 to implement this chapter. As added by P.L.15-1997, SEC.1. Amended by P.L.289-2001, SEC.11; P.L.235-2005, SEC.50; P.L.1-2006, SEC.56; P.L.181-2006, SEC.11; P.L.1-2007, SEC.13.

Sec. 3. As used in this chapter, "financial institution" means a bank, savings association, credit union, or any other institution regulated under IC 28 or federal law. As added by P.L.15-1997, SEC.1. Amended by P.L.4-1999, SEC.2.

Sec. 4. As used in this chapter, "fund" refers to an individual development account fund established by a community development corporation or community based organization under section 13 of this chapter. As added by P.L.15-1997, SEC.1. Amended by P.L.124-2024, SEC.2.

Sec. 5. As used in this chapter, "individual development account" means an account in a financial institution administered by a community development corporation or community based organization that allows a qualifying individual to deposit money: (1) to be matched by the state, …

Sec. 5.5. As used in this chapter, "motor vehicle" has the meaning set forth in IC 9-13-2-105(a). As added by P.L.50-2016, SEC.2.

Sec. 6. As used in this chapter, "qualifying individual" means an individual or a member of an individual's household who may establish an individual development account because the individual: (1) is an Indiana resident; and (2) either: (A) receives or is a member of a household…

Sec. 7. (a) A qualifying individual, including an individual who: (1) established an individual development account under this chapter before July 1, 2001; and (2) held the account described in subdivision (1) for less than four (4) years; may establish an account by applying at …

Sec. 8. (a) A community development corporation or community based organization shall do the following: (1) Determine whether an individual who wants to establish an account is a qualifying individual. (2) Administer, through a financial institution, and act as trustee for each a…

Sec. 9. (a) An individual may deposit money from the individual's earned income into the individual's account. (b) An individual may deposit an unlimited amount of money into the individual's account, of which the first one thousand five hundred dollars ($1,500) is eligible for a…