{"data":{"id":"us-in/ic-4-4-28-5","jurisdiction":"us-in","citation":"IC 4-4-28-5","heading":"\"Individual development account\"","body":"Sec. 5. As used in this chapter, \"individual development account\" means an account in a financial institution administered by a community development corporation or community based organization that allows a qualifying individual to deposit money:\n(1) to be matched by the state, financial institutions, corporations, and other entities; and\n(2) that will be used by the qualifying individual for one (1) or more of the following:\n(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.\n(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.\n(C) To purchase a primary residence located in Indiana for the individual or for a dependent of the individual or to reduce the principal amount owed on a primary residence located in Indiana that was purchased by the individual or a dependent of the individual with money from an individual development account.\n(D) To pay for the rehabilitation (as defined in IC 6-3.1-11-11) of the individual's primary residence located in Indiana.\n(E) To begin or to purchase part or all of a business based in Indiana or to expand an existing small business based in Indiana.\n(F) Subject to section 8(b) of this chapter, to purchase a motor vehicle.","path":["TITLE 4. STATE OFFICES AND ADMINISTRATION","ARTICLE 4. LIEUTENANT GOVERNOR","Chapter 28. Individual Development Accounts"],"source_url":"https://iga.in.gov/ic/2026/Title_4.html#4-4-28-5","current_through":"2026","vintage":"2026","retrieved_at":"2026-08-30T06:26:00Z","sha256":"3cc4a0517551fa54de1bbf89101d7ac0c7018eb301c5f6d5b251ed378b580533","source_id":"us-in","stale":false,"prev":"us-in/ic-4-4-28-4","next":"us-in/ic-4-4-28-5.5"},"notice":"GroundRules: Original legal text. Not legal advice."}