Bill Text: IN SB0185 | 2013 | Regular Session | Amended
Bill Title: Individual development accounts.
Spectrum: Bipartisan Bill
Status: (Engrossed - Dead) 2013-02-26 - First reading: referred to Committee on Ways and Means [SB0185 Detail]
Download: Indiana-2013-SB0185-Amended.html
Citations Affected: IC 4-4.
Synopsis: 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.
Effective: July 1, 2013.
January 7, 2013, read first time and referred to Committee on Appropriations.
January 24, 2013, amended, reported favorably _ Do Pass.
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A BILL FOR AN ACT to amend the Indiana Code concerning state
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(1) to be matched by the state, financial institutions, corporations, and other entities; and
(2) that will be used by the qualifying individual for one (1) or more of the following:
(A) To pay for costs (including tuition, laboratory costs, books, computer costs, and other costs associated with attendance) at an accredited postsecondary educational institution or a vocational school that is not a postsecondary educational institution, for the individual or for a dependent of the individual.
(B) To pay for the costs (including tuition, laboratory costs,
books, computer costs, and other costs) associated with an
accredited or a licensed training program that may lead to
employment for the individual or for a dependent of the
individual.
(C) To purchase a primary residence for the individual or for
a dependent of the individual or to reduce the principal amount
owed on a primary residence that was purchased by the
individual or a dependent of the individual with money from
an individual development account.
(D) To pay for the rehabilitation (as defined in IC 6-3.1-11-11)
of the individual's primary residence.
(E) To begin or to purchase part or all of a business or to
expand an existing small business.
(F) Subject to section 8.5 of this chapter, to purchase a
motor vehicle.
(1) The withdrawal does not exceed ten thousand dollars ($10,000).
(2) The individual is purchasing the motor vehicle primarily for the purpose of transporting the individual to and from work or postsecondary education.
(1) To pay for costs (including tuition, laboratory costs, books, computer costs, and other costs) at an accredited postsecondary educational institution or a vocational school that is not a postsecondary educational institution for the individual or for a dependent of the individual.
(2) To pay for the costs (including tuition, laboratory costs, books, computer costs, and other costs) associated with an accredited or
a licensed training program that may lead to employment for the
individual or for a dependent of the individual.
(3) To purchase a primary residence for the individual or for a
dependent of the individual or to reduce the principal amount
owed on a primary residence that was purchased by the individual
or a dependent of the individual with money from an individual
development account.
(4) To pay for the rehabilitation (as defined in IC 6-3.1-11-11) of
the individual's primary residence.
(5) To begin or to purchase part or all of a business or to expand
an existing small business.
(6) To purchase a motor vehicle if the withdrawal of the
money is approved by a community development corporation
under section 8.5 of this chapter.
(b) At the time of requesting authorization under section 15 of this
chapter to withdraw money from an individual's account under
subsection (a)(5), the individual must provide the community
development corporation with a business plan that:
(1) is approved by:
(A) a financial institution; or
(B) a nonprofit loan fund that has demonstrated fiduciary
stability;
(2) includes a description of services or goods to be sold, a
marketing plan, and projected financial statements; and
(3) may require the individual to obtain the assistance of an
experienced business advisor.
