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 […]
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 (a) Money withdrawn from an individual’s account is not subject to taxation under IC 6-3-1 through IC 6-3-7 if the money is used for at least one (1) of the following: (1) To pay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.