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Current as of January 02, 2024 | Updated by Findlaw Staff
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, financial institutions, corporations, and other entities; and
(2) that will be used by the qualifying individual for one (1) or more of the following:
(A) To pay for costs (including tuition, laboratory costs, books, computer costs, and other costs associated with attendance) at an accredited postsecondary educational institution or a vocational school that is not a postsecondary educational institution, for the individual or for a dependent of the individual.
(B) To pay for the costs (including tuition, laboratory costs, books, computer costs, and other costs) associated with an accredited or a licensed training program that may lead to employment for the individual or for a dependent of the individual.
(C) To purchase a primary residence located in Indiana for the individual or for a dependent of the individual or to reduce the principal amount owed on a primary residence located in Indiana that was purchased by the individual or a dependent of the individual with money from an individual development account.
(D) To pay for the rehabilitation (as defined in IC 6-3.1-11-11) of the individual's primary residence located in Indiana.
(E) To begin or to purchase part or all of a business based in Indiana or to expand an existing small business based in Indiana.
(F) Subject to section 8(b) of this chapter, to purchase a motor vehicle.
Cite this article: FindLaw.com - Indiana Code Title 4. State Offices and Administration § 4-4-28-5 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-4-state-offices-and-administration/in-code-sect-4-4-28-5/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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