Sec. 14. (a) An account must earn interest at a rate that is competitive in the county where the account is located.
(b) Interest earned on an account during a taxable year is not subject to taxation under IC 6-3 or IC 6-5.5.
(c) An account is a custodial account and is not subject to fees.
As added by P.L.15-1997, SEC.1. Amended by P.L.192-2002(ss), SEC.2; P.L.50-2016, SEC.8.
Structure Indiana Code
Title 4. State Offices and Administration
Article 4. Lieutenant Governor
Chapter 28. Individual Development Accounts
4-4-28-2. "Community Development Corporation"
4-4-28-3. "Financial Institution"
4-4-28-5. "Individual Development Account"
4-4-28-6. "Qualifying Individual"
4-4-28-7. Establishing Account; Beneficiaries; Residency
4-4-28-8. Community Development Corporation Duties
4-4-28-10. Number of Accounts Limited
4-4-28-12. Deposits to Accounts; Matching Contributions; Use of Federal Block Grant Money
4-4-28-13. Individual Development Account Fund; Tax Credits
4-4-28-14. Interest; Taxes; Fees
4-4-28-15. Withdrawal of Money From Account; Appeal of Denial
4-4-28-16. Account Withdrawal; Purposes; Approval
4-4-28-17. Money in Account Not Considered Assets