Enrolled Senate Bill (S)

DIGEST

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 Requires that a primary residence or business for which money is withdrawn from an individual development account (account) must be located or based in Indiana.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 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 Requires that a primary residence or business for which money is withdrawn from an individual development account (account) must be located or based in Indiana.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 allocation of tax credits for contributors to an individual development account fund. Prohibits application of fees to an account. Allows a community development corporation to approve a business plan before receiving the plan with a request for a withdrawal for use in connection with a business. Codifies current practices for allocation and claims of individual development account tax credits. ... View more