Indiana Code 4-4-28-5. “Individual development account”
(1) to be matched by the state, financial institutions, corporations, and other entities; and
Terms Used In Indiana Code 4-4-28-5
- account: refers to an individual development account. See Indiana Code 4-4-28-1
- community based organization: means a private, nonprofit corporation whose board of directors is comprised of business, civic, and community leaders, and whose principal purpose includes the provision of low income housing. See Indiana Code 4-4-28-1.7
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Dependent: A person dependent for support upon another.
- financial institution: means a bank, savings association, credit union, or any other institution regulated under IC 28 or federal law. See Indiana Code 4-4-28-3
- 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:
Indiana Code 4-4-28-5
- motor vehicle: has the meaning set forth in IC 9-13-2-105(a). See Indiana Code 4-4-28-5.5
- qualifying individual: means an individual or a member of an individual's household who may establish an individual development account because the individual:
Indiana Code 4-4-28-6
(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.
As added by P.L.15-1997, SEC.1. Amended by P.L.289-2001, SEC.4; P.L.2-2007, SEC.24; P.L.150-2007, SEC.1; P.L.50-2016, SEC.1; P.L.124-2024, SEC.3.