4-4-28-16. Account Withdrawal; Purposes; Approval
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 (a) Money withdrawn from an individual’s account is not subject to taxation under IC 6-3-1 through IC 6-3-7 if the money is used for at least one (1) of the following: (1) To pay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 an accredited postsecondary educational institution or […]
4-4-28-17. Money in Account Not Considered Assets
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 12-7-2-44.6). As added by P.L.15-1997, SEC.1.
4-4-28-18. Annual Evaluation of Accounts; Report
Sec. 18. (a) Each community development corporation shall annually: (1) evaluate the individual development accounts administered by the community development corporation; and (2) submit a report containing the evaluation information to the authority. (b) Two (2) or more community development corporations may work together in carrying out the purposes of this chapter. As added by […]
4-4-28-19. Repealed
As added by P.L.15-1997, SEC.1. Repealed by P.L.289-2001, SEC.15.
4-4-28-20. Repealed
As added by P.L.15-1997, SEC.1. Repealed by P.L.289-2001, SEC.15.
4-4-28-21. Rules; Adoption
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.
4-4-28-8. Community Development Corporation Duties
Sec. 8. (a) A community development corporation 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 account established through the community development corporation. (3) Approve or deny an individual’s request to make a […]
4-4-28-9. Account Deposits
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. However, only eight hundred dollars ($800) annually is eligible for a state deposit as provided in section 12 of this chapter. As added by […]
4-4-28-10. Number of Accounts Limited
Sec. 10. (a) Not more than eight hundred (800) accounts may be established in the state each state fiscal year beginning before July 1, 2009. (b) Not more than one thousand (1,000) accounts may be established in the state each state fiscal year beginning after June 30, 2009. (c) A community development corporation shall use […]
4-4-28-11. Annual Reports
Sec. 11. (a) Each community development corporation shall annually provide the authority with information needed to determine: (1) the number of accounts administered by the community development corporation; (2) the length of time each account under subdivision (1) has been established; and (3) the amount of money an individual has deposited into each account under […]