Indiana § 21-12-3-12 Applicants least able to provide funds for education; consideration of
principal or interest on bonds; exemption

Indiana Statutes

§ 21-12-3-12 — Applicants least able to provide funds for education; consideration of principal or interest on bonds; exemption

Indiana § 21-12-3-12

Title 21HIGHER EDUCATION

Art. 12GENERAL SCHOLARSHIPS AND GRANTS

Ch. 3Higher Education Awards

This text of Indiana § 21-12-3-12 (Applicants least able to provide funds for education; consideration of principal or interest on bonds; exemption) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 21-12-3-12 (2026).

Text

In determining which applicants are least able to provide funds for the cost of education under section 8 of this chapter, the commission may not consider principal or interest, including an original issue discount that qualifies as interest excludable from gross income for federal income tax purposes, on a bond that is:

(1)issued by a:

(A)public body corporate and politic of the state; or

(B)state educational institution; designated by the governor as a college savings bond and purchased after December 31, 1989; or

(2)a United States savings bond purchased after December 31, 1989, if the interest is claimed as exempt from federal taxation under Section 135 of the Internal Revenue Code. [Pre-2007 Higher Education Recodification Citation: 20-12-21-7.1.]

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In determining which applicants are least
able to provide funds for the cost of education under section 8 of this
chapter, the commission may not consider principal or interest,
including an original issue discount that qualifies as interest excludable
from gross income for federal income tax purposes, on a bond that is:
(1) issued by a:
(A) public body corporate and politic of the state; or
(B) state educational institution;
designated by the governor as a college savings bond and
purchased after December 31, 1989; or
(2) a United States savings bond purchased after December 31,
1989, if the interest is claimed as exempt from federal taxation
under Section 135 of the Internal Revenue Code.
[Pre-2007 Higher Education Recodification Citation:
20-12-21-7.1.]