5-34-1-10. Annual Examination of the Fund
Sec. 10. INvestED Indiana shall engage an independent certified public accounting firm to conduct an annual examination of the fund. The examination must comply with the uniform compliance guidelines, directives, and standards established by the state board of accounts. INvestED Indiana shall submit a copy of the annual examination report to the state board of […]
5-34-2-1. Indiana Career Accelerator Fund Established
Sec. 1. The Indiana career accelerator fund is established to provide financial assistance awards to assist individuals in obtaining credentials from qualified education programs. As added by P.L.165-2021, SEC.65.
5-34-2-2. Fund Contents
Sec. 2. The fund consists of the following: (1) Appropriations made by the general assembly. (2) Grants and gifts intended for deposit in the fund. (3) Repayments of awards from the fund. (4) Interest that accrues from investments of money in the fund. (5) Money received from the department under IC 5-34-3-2. As added by […]
5-34-2-3. Administration of the Fund
Sec. 3. (a) INvestED Indiana shall administer the fund. The expenses of administering the fund may be paid from money in the fund. (b) Any compensation provided to employees of INvestED Indiana may not be paid from money received by the department under IC 5-34-3-2. As added by P.L.165-2021, SEC.65.
5-34-2-4. Investment of Money in the Fund
Sec. 4. Money in the fund not currently needed to meet the obligations in the fund may be invested in the same manner as other public funds may be invested. Interest that accrues from these investments shall be deposited in the fund. As added by P.L.165-2021, SEC.65.
5-34-2-5. Reversion
Sec. 5. Money in the fund at the end of a state fiscal year does not revert to the state general fund. As added by P.L.165-2021, SEC.65.
5-34-3-1. Determination of Income Tax Liability Compared to Base Year
Sec. 1. For each individual who receives a financial assistance award from the fund, the department shall, in each of the ten (10) taxable years following the taxable year in which the individual graduates from the qualified education program, determine the difference between the individual’s base year state income tax liability and the amount of […]
5-34-3-2. Transfers for Deposit in the Fund
Sec. 2. If the amount determined in section 1 of this chapter for a particular taxable year is greater than zero (0), the department shall transfer an amount equal to the amount determined in section 1 of this chapter to INvestED Indiana for deposit in the fund. As added by P.L.165-2021, SEC.65.
5-34-3-3. Information Sharing
Sec. 3. A qualified education program and INvestED Indiana shall provide the department any information necessary for the department to carry out this chapter. The information shared under this section may be used only to make the determinations required by this chapter. As added by P.L.165-2021, SEC.65.
5-34-3-4. Rules
Sec. 4. The department may adopt rules under IC 4-22-2 necessary to implement this chapter. As added by P.L.165-2021, SEC.65.