Senate Bill 0185
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DIGEST OF SB 185 (Updated January 29, 2013 2:46 pm - DI 84)
Individual development accounts. Allows money in an individual development account to be used by an individual for the purchase of a motor vehicle if: (1) the withdrawal of the money for the purchase of the motor vehicle does not exceed $10,000; and (2) the purchase of the motor vehicle is for the primary purpose of transporting the individual to and from work or postsecondary education. Provides that the withdrawal of the money for the purchase of the motor vehicle is not subject to state and local tax.
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