Indiana Code 6-8-11-11.5. Withdrawal of money contributed after December 31, 2015
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Sec. 11.5. If an employer contributes money to an account under this chapter after December 31, 2015, for which no exemption applies under IC 6-3-2-18(c) and for which no exemption or exclusion applies under the Internal Revenue Code at the time of contribution:
(2) the withdrawal of the principal amount contributed by the employer is not income to the employee that is subject to taxation under IC 6-3-1 through IC 6-3-7.
(1) the money may be withdrawn from the account by the employee at any time and for any purpose without a penalty; and
Terms Used In Indiana Code 6-8-11-11.5
- account: means an account established in Indiana under a medical care savings account program to pay the eligible medical expenses of an employee and dependents of the employee. See Indiana Code 6-8-11-6
- employee: means the individual:
Indiana Code 6-8-11-4
As added by P.L.250-2015, SEC.46. Amended by P.L.122-2016, SEC.8.