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IN SB0374
Bill
Status
1/8/2018
Primary Sponsor
Blake Doriot
Click for details
AI Summary
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Municipalities may now administer individual development accounts in addition to community development corporations, with conforming changes throughout applicable statutes.
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Municipalities may give preference to local residents when placing qualified individuals on waiting lists to establish accounts.
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Qualifying individuals may now deposit earned income, Social Security benefits, Social Security disability benefits, and veterans benefits into accounts (previously limited to earned income only).
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State matching allocation increased to $4 for every $1 of the first $1,000 deposited annually (up from $3 per $1 of first $400), with a maximum account lifetime allocation of $4,000 (up from $2,400), and matching limited to the first five years of account opening.
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Account funds may be used to reduce principal on an existing Indiana primary residence regardless of how it was purchased (previously only for residences purchased with account funds), and authority may retain up to 20% of allocation amounts for administrative expenses.
Legislative Description
Individual development accounts. For purposes of the statute concerning individual development accounts (accounts), provides that, in addition to a community development corporation (as provided under current law), a municipality may administer accounts under the statute. Makes conforming changes throughout the statute and in the Indiana Code provisions establishing the individual development account tax credit. Provides that a municipality that administers accounts may, in determining an individual's order of placement on a waiting list maintained by the municipality to allow qualified individuals to establish accounts, give preference to qualified individuals who reside in or near the municipality over qualified individuals who
Last Action
First reading: referred to Committee on Appropriations
1/8/2018