§ 4-4-28-5 — "Individual development account"

As used in this chapter, "individual development
account" means an account in a financial institution administered by a
community development corporation or community based organization
that allows a qualifying individual to deposit money:
(1) to be matched by the state, financial institutions, corporations,
and other entities; and
(2) that will be used by the qualifying individual for one (1) or
more of the following:
(A) To pay for costs (including tuition, laboratory costs, books,
computer costs, and other costs associated with attendance) at
an accredited postsecondary educational institution or a
vocational school that is not a postsecondary educational
institution, for the individual or for a dependent of the
individual.
(B) To pay for the costs (including tuition, laboratory costs,
books, computer costs, and other costs) associated with an
accredited or a licensed training program that may lead to
employment for the individual or for a dependent of the
individual.
(C) To purchase a primary residence located in Indiana for the
individual or for a dependent of the individual or to reduce the
principal amount owed on a primary residence located in
Indiana that was purchased by the individual or a dependent of
the individual with money from an individual development
account.
(D) To pay for the rehabilitation (as defined in IC 6-3.1-11-11)
of the individual's primary residence located in Indiana.
(E) To begin or to purchase part or all of a business based in
Indiana or to expand an existing small business based in
Indiana.
(F) Subject to section 8(b) of this chapter, to purchase a motor
vehicle.

Legislative History

As added by P.L.15-1997, SEC.1. Amended by P.L.289-2001, SEC.4; P.L.2-2007, SEC.24; P.L.150-2007, SEC.1; P.L.50-2016, SEC.1; P.L.124-2024, SEC.3.