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. (1) to be matched by the state, financial institutions, corporations, and other entities; and

2. (2) that will be used by the qualifying individual for one (1) or more of the following:

   1. (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.
   2. (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.
   3. (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.
   4. (D) To pay for the rehabilitation (as defined in IC 6-3.1-11-11 ) of the individual's primary residence located in Indiana.
   5. (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.
   6. (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.