Senate Bill 365 Summary

• Adds automobile purchase or repair to the eligible uses for individual development account funds, specifically for vehicles used as transportation to pursue educational, training, or employment opportunities.

• Extends the tax exemption under Indiana Code 6-3-1 through 6-3-7 to withdrawals used for purchasing or repairing automobiles that enable individuals or their dependents to pursue education, training, or employment.

• Allows both the account holder and their dependents to benefit from automobile-related account withdrawals for transportation purposes.

• Effective July 1, 2012.