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House Bill 1185


House Bill 1185

ARCHIVE (2001)

Latest Information

 

DIGEST OF HB1185 (Updated February 20, 2001 5:10 PM - DI 84)


Individual development accounts. Eliminates the expiration clauses of the individual development accounts program. Expands the authorized uses of the individual development account to include: (1) reducing the principal amount owed on a primary residence that was purchased with money from an individual development account; and (2) expanding existing small businesses. Specifies that a qualified individual may use the account funds to pay for tuition, laboratory costs, books, and computer costs at an accredited institution of higher education, vocational school, or licensed or accredited training program. Provides that a qualified individual includes a member of a household with an annual household income of less than 175% of the federal income poverty level. (Current law provides for a limit of 150% of the poverty level.) Allows the funds of an individual development account to be rolled over into an Indiana family college savings program account. Reduces the maximum tax credits to $200,000. Appropriates funds to the department of commerce to distribute to community development corporations for program support costs incurred by the community development corporations if certain requirements are met. Appropriates funds to the department of commerce to carry out the purposes of this act.
Current Status:
 In Committee - 2nd House
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