§ 4-4-28-13 — Individual development account fund; tax credits

Indiana § 4-4-28-13

• Jurisdiction: Indiana
• Art. 4: LIEUTENANT GOVERNOR
• Ch. 28: Individual Development Accounts

Text

(a) Each community development corporation
or community based organization may apply to the authority for an
allocation of tax credits under IC 6-3.1-18 for the contributors to a fund
established under this section. A community development corporation
or community based organization may establish an individual
development account fund to provide money to be used to finance
additional accounts to be administered by the community development
corporation or community based organization under this chapter and to
help pay for the community development corporation's or community
based organization's expenses related to the administration of accounts.
(b) Each community development corporation or community based
organization shall encourage individuals, financial institutions,
corporations, and other entities to contribute to the fund. A contributor
to the fund may qualify for a tax credit as provided under IC 6-3.1-18.
(c) Each community development corporation or community based
organization may use up to twenty percent (20%) of the first one
hundred thousand dollars ($100,000) deposited each calendar year in
the fund under subsection (b) to help pay for the community
development corporation's or community based organization's expenses
related to the administration of accounts established under this chapter.
All deposits in the fund under subsection (b) of more than one hundred
thousand dollars ($100,000) during each calendar year may be used
only to fund accounts administered by the community development
corporation or community based organization under this chapter.
(d) A community development corporation or community based
organization may allow an individual to establish a new account as
adequate funding becomes available.
(e) Only money from the fund may be used to make the deposit
described in subsection (f) into an account established under this
section.
(f) The community development corporation or community based
organization shall annually deposit at least three dollars ($3) into each
account for each one dollar ($1) an individual has deposited into the
individual's account as of June 30.
(g) A community development corporation or community based
organization may not allow a qualifying individual to establish an
account if the community development corporation or community
based organization does not have adequate funds to deposit into the
account under subsection (f).

Legislative History

As added by P.L.15-1997, SEC.1. Amended by P.L.4-1999, SEC.3; P.L.50-2016, SEC.7; P.L.124-2024, SEC.10.