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IN SB0325
Bill
AI Summary
SB 325 Summary
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Increases income eligibility threshold for individual development accounts from 175% to 200% of the federal poverty level and adds requirement that account holders be Indiana residents.
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Expands allowable uses of account funds to include purchase of motor vehicles primarily for transportation to work, school, or training programs, and clarifies that homes and businesses must be located or based in Indiana.
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Extends the matching fund period from 4 to 5 years and provides that account holders may request state matching deposits within 45 days of making maximum annual deposits.
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Allows community development corporations to apply for tax credits for contributors to individual development account funds and establishes a qualified contribution tax credit equal to 50% of contributions between $100 and $50,000.
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Requires account holders to name a beneficiary at account establishment, with different inheritance rules depending on whether the beneficiary is a family member, and mandates Indiana residency be maintained until account closure.
Legislative Description
Individual development accounts. Requires that a primary residence or business for which money is withdrawn from an individual development account (account) must be located or based in Indiana. Provides for use of money from an account for purchase of a motor vehicle. Increases from 175% to 200% of the federal income poverty level the maximum annual income that an individual may have to qualify for an account. Requires a qualifying individual to be an Indiana resident. Removes the deadline for deposits to accounts. Provides that a community development corporation may apply to the housing and community development authority for an
Last Action
Public Law 50
3/21/2016