Indiana § 4-4-28-5 - "Individual development account"
Full text of Indiana Indiana Code § 4-4-28-5 — "Individual development account", with citation guidance and answers to common questions.
§ 4-4-28-5. "Individual development account"
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:
(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 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.
(D) To pay for the rehabilitation (as defined in IC 6-3.1-11-11) of the individual's primary residence located in Indiana.
(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.
(F) Subject to section 8(b) of this chapter, to purchase a motor vehicle.
As added by P.L.15-1997, SEC.1. Amended by P.L.289-2001, SEC.4; P.L.2-2007, SEC.24; P.L.150-2007, SEC.1; P.L.50-2016, SEC.1; P.L.124-2024, SEC.3.
Frequently Asked Questions About Indiana § 4-4-28-5
What does Indiana Code § 4-4-28-5 cover?
Section 4-4-28-5 (""Individual development account"") is part of the Indiana Code, the codified statutory law of Indiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Indiana § 4-4-28-5?
A common citation format is "Indiana Code § 4-4-28-5" (Indiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 4-4-28-5 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Indiana.