Iowa · statute · Iowa Code ch. 541A · 6 active provisions
For the purposes of this chapter, unless the context otherwise requires: 1. “Account holder” means an individual who is the owner of an individual development account. 2. “Charitable contributor” means a nonprofit association described in section 501(c)(3) of the Internal Revenue Code which makes a deposit to an indivi…
A financial instrument known as an individual development account is established. An individual development account shall have all of the following characteristics: 1. a. To be eligible to open an account, a prospective account holder must have a household income that is equal to or less than two hundred percent of the…
All of the following state savings match and tax provisions shall apply to an individual development account: 1. a. Payment by the state of a state savings match on amounts of up to two thousand dollars that an account holder deposits in the account holder’s account. b. Moneys transferred to an individual development a…
1. The department, in consultation with the department of administrative services, shall adopt administrative rules to administer this chapter. 2. a. The rules adopted by the department shall include but are not limited to provision for transfer of an individual development account to a different financial institution…
The department shall adopt rules for compliance with federal individual development account requirements under the federal Personal Responsibility and Work Opportunity Reconciliation Act of 1996, §103, as codified in 42 U.S.C. §604(h), under the federal Assets for Independence Act, Pub. L. No. 105-285, Tit. IV, or with…
1. An individual development account state match fund is created in the state treasury under the authority of the department. Notwithstanding section 8.33, moneys appropriated to the fund shall not revert to any other fund. Notwithstanding section 12C.7, subsection 2, interest or earnings on moneys deposited in the fun…