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20-86-107. Individual development account — Purpose.
Arkansas Code — all titles (historical 2020) · legal_authorities
20-86-107. Individual development account — Purpose.
(a) Individual development accounts may be used for any of the following qualified purposes:
(1) Qualified acquisition costs with respect to a qualified principal residence for a qualified first-time home buyer or the costs of major repairs or improvements to a qualified principal residence, if paid directly to the persons to whom the amounts are due;
(2) Amounts paid directly to a business capitalization account which is established in a federally insured financial institution and is restricted to use solely for qualified business capitalization expenses consistent with a qualified plan;
(3) Postsecondary educational expenses paid directly to an eligible educational institution;
(4) Amounts paid directly to an individual retirement account or education individual retirement account established pursuant to federal law in the name of the individual development account holder or an immediate family member thereof;
(5) Qualified acquisition costs with respect to the purchase of an automobile or costs of repair of an automobile, if paid directly to a licensed automobile dealer or repair shop. Such a purpose cannot be the sole purpose of the individual development account. Participants must also save for another approved purpose; and
(6) Qualified emergency withdrawals.
(b) However, Temporary Assistance for Needy Families matching funds shall only be used for the purposes set forth in subdivisions (a)(1)-(3) of this section.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 20-86-107
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:20-86-107
Source file: gov.ar.code.title.20.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 48f39ba11e733750a479d702fd1a6a0fa5d482b1757038e6ea5fa9fc6892796b
Source location: content.xml paragraph 41428
Stored source content
20-86-107. Individual development account — Purpose.
(a) Individual development accounts may be used for any of the following qualified purposes:
(1) Qualified acquisition costs with respect to a qualified principal residence for a qualified first-time home buyer or the costs of major repairs or improvements to a qualified principal residence, if paid directly to the persons to whom the amounts are due;
(2) Amounts paid directly to a business capitalization account which is established in a federally insured financial institution and is restricted to use solely for qualified business capitalization expenses consistent with a qualified plan;
(3) Postsecondary educational expenses paid directly to an eligible educational institution;
(4) Amounts paid directly to an individual retirement account or education individual retirement account established pursuant to federal law in the name of the individual development account holder or an immediate family member thereof;
(5) Qualified acquisition costs with respect to the purchase of an automobile or costs of repair of an automobile, if paid directly to a licensed automobile dealer or repair shop. Such a purpose cannot be the sole purpose of the individual development account. Participants must also save for another approved purpose; and
(6) Qualified emergency withdrawals.
(b) However, Temporary Assistance for Needy Families matching funds shall only be used for the purposes set forth in subdivisions (a)(1)-(3) of this section.
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