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·Title 21 HIGHER EDUCATION·Art. 12 GENERAL SCHOLARSHIPS AND GRANTS·Ch. 3 Higher Education Awards

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.]

Indiana § 21-12-3-12 (Applicants least able to provide funds for education; consideration of principal or interest on bonds; exemption) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.