Note: This version of section amended by P.L.202-2023, SEC.48, effective 7-1-2023. See also preceding version of this section amended by P.L.201-2023, SEC.219, effective 5-4-2023.

     Sec. 7. (a) For each school year, the treasurer of state shall determine, based on the amount of funds available for the ESA program, the number of grants that the treasurer of state will award under the ESA program. The number of applications approved and the number of grants awarded under the ESA program by the treasurer of state for the school year may not exceed the number determined by the treasurer of state under this section.

     (b) The treasurer of state may deduct the following amounts from the funds made available for the ESA program to cover costs of managing ESA accounts and administering the ESA program:

(1) For the first year of the ESA program, not more than ten percent (10%) of the funds made available to cover the costs described in this subsection.

(2) For each year thereafter, not more than five percent (5%) of the funds made available to cover the costs described in this subsection.

Any amount deducted under this subsection shall be deposited in the Indiana education scholarship account administration fund established by IC 20-51.4-4-3.5.

     (c) The treasurer of state may deduct the following amounts from the funds made available for the CSA program to cover costs of managing CSA accounts and administering the CSA program:

(1) For the first year of the CSA program, not more than ten percent (10%) of the funds made available to cover the costs described in this subsection.

(2) For each year thereafter, not more than five percent (5%) of the funds made available to cover the costs described in this subsection.

Any amount deducted under this subsection shall be deposited in the career scholarship account administration fund established by IC 20-51.4-4.5-5.

As added by P.L.165-2021, SEC.180. Amended by P.L.132-2022, SEC.3; P.L.202-2023, SEC.48.