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 Repealed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 Repealed by P.L.289-2001, SEC.15.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 […]
4-4-28-12. Deposits to Accounts; Matching Contributions; Use of Federal Block Grant Money
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 four hundred dollars ($400) an individual deposited into the individual’s account during the preceding twelve (12) months. However, if the amount appropriated by […]
4-4-28-13. Individual Development Account Fund; Tax Credits
Sec. 13. (a) Each community development corporation 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 may establish an individual development account fund to provide money to be used to finance additional accounts to be administered […]
4-4-28-14. Interest; Taxes; Fees
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 subject to […]
4-4-28-15. Withdrawal of Money From Account; Appeal of Denial
Sec. 15. (a) An individual must request and receive authorization from the community development corporation that administers the individual’s account before withdrawing money from the account for any purpose. (b) An individual who is denied authorization to withdraw money under subsection (a) may appeal the community development corporation’s decision to the authority under rules adopted […]