Indiana § 4-4-28-12 Deposits to accounts; matching contributions; use of federal block
grant money

Indiana Statutes

§ 4-4-28-12 — Deposits to accounts; matching contributions; use of federal block grant money

Indiana § 4-4-28-12

Art. 4LIEUTENANT GOVERNOR

Ch. 28Individual Development Accounts

This text of Indiana § 4-4-28-12 (Deposits to accounts; matching contributions; use of federal block grant money) 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 § 4-4-28-12 (2026).

Text

(a)The authority shall allocate, for each account that has been established, for not more than five (5) years, three dollars ($3) for each one dollar ($1) of the first one thousand five hundred dollars ($1,500) an individual deposited into the individual's account. However, if the amount appropriated by the general assembly is insufficient to make the deposits required by this section for accounts that have been established, the authority shall proportionately reduce the amounts allocated to and deposited into each account. The authority's allocation under this subsection may not exceed four thousand five hundred dollars ($4,500) for each account described in this subsection.

(b)The authority shall deposit into each account established under this chapter the appropriate amount of money d

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(a) The authority shall allocate, for each
account that has been established, for not more than five (5) years,
three dollars ($3) for each one dollar ($1) of the first one thousand five
hundred dollars ($1,500) an individual deposited into the individual's
account. However, if the amount appropriated by the general assembly
is insufficient to make the deposits required by this section for accounts
that have been established, the authority shall proportionately reduce
the amounts allocated to and deposited into each account. The
authority's allocation under this subsection may not exceed four
thousand five hundred dollars ($4,500) for each account described in
this subsection.
(b) The authority shall deposit into each account established under
this chapter the appropriate amount of money determined under this
section.
(c) Money from a federal block grant program under Title IV-A of
the federal Social Security Act may be used by the state to provide
money under this section for deposit into an account held by an
individual who receives assistance under IC 12-14-2.

Legislative History

As added by P.L.15-1997, SEC.1. Amended by P.L.289-2001, SEC.8; P.L.235-2005, SEC.47; P.L.1-2006, SEC.53; P.L.181-2006, SEC.8; P.L.1-2007, SEC.10; P.L.150-2007, SEC.4; P.L.50-2016, SEC.6; P.L.124-2024, SEC.9.