Sec. 19. (a) As used in this section, “account beneficiary” has the meaning set forth in IC 21-9-2-3.

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Terms Used In Indiana Code 6-3-2-19

  • adjusted gross income: shall mean the following:

         (a) In the case of all individuals, "adjusted gross income" (as defined in Section 62 of the Internal Revenue Code), modified as follows:

    Indiana Code 6-3-1-3.5

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
     (b) As used in this section, “account owner” has the meaning set forth in IC 21-9-2-4.

     (c) As used in this section, “individual account” has the meaning set forth in IC 21-9-2-2.

     (d) As used in this section, “qualified higher education expenses” has the meaning set forth in IC 21-9-2-19.5.

     (e) Distributions from an individual account used to pay qualified higher education expenses are exempt from the adjusted gross income tax imposed by IC 6-3-1 through IC 6-3-7 as income of an account beneficiary or an account owner.

As added by P.L.15-2001, SEC.1.

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