Kansas Statutes 74-50,204. Same; account holder; purposes for withdrawal of moneys
Terms Used In Kansas Statutes 74-50,204
- Account holder: means a legal resident who is the owner of an individual development account. See Kansas Statutes 74-50,202
- Community-based organization: means any religious or charitable association or tribal entity that is approved by the department to implement the individual development account reserve fund. See Kansas Statutes 74-50,202
- Federal poverty level: means the most recent poverty income guidelines published in the calendar year by the United States department of health and human services. See Kansas Statutes 74-50,202
- Financial institution: means any bank, trust company, savings bank, credit union or savings and loan association or any other financial institution regulated by the state of Kansas, any agency of the United States or other state with an office in Kansas which is approved by the secretary to create and maintain the necessary financial instruments setting up individual development accounts for eligible families or individuals to implement this program. See Kansas Statutes 74-50,202
- Individual development account: means a financial instrument established in Kan. See Kansas Statutes 74-50,202
- Program: means the Kansas individual development account program established in Kan. See Kansas Statutes 74-50,202
- Qualified business: means any business that does not contravene any law or public policy, as determined by the secretary. See Kansas Statutes 74-50,202
- Qualified principal residence: means a principal residence, the qualified acquisition costs of which do not exceed 100% of the average area purchase price applicable to such residence. See Kansas Statutes 74-50,202
- Residence: means the place which is adopted by a person as the person's place of habitation and to which, whenever the person is absent, the person has the intention of returning. See Kansas Statutes 77-201
- Secretary: means the secretary of commerce. See Kansas Statutes 74-5059
- Training: means training of employees or preemployment training of prospective employees for jobs newly created by a new or expanding industry. See Kansas Statutes 74-5065
A family or individual whose household income is less than or equal to 200% of the federal poverty level at the time of application to an individual development account program may open an individual development account for the purpose of accumulating and withdrawing moneys for specified expenditures. The account holder may withdraw moneys from the account on the approval of the community-based organization, without penalty, for any of the following expenditures:
(a) Postsecondary educational costs for any family member paid from the account directly to an eligible educational institution as determined by the secretary;
(b) job training costs for any family member 18 years of age or older, at an accredited or licensed training program;
(c) qualified acquisition costs with respect to a qualified principal residence for a qualified first-time home buyer paid directly to the persons to whom the amounts are due;
(d) major repairs or improvements to a primary residence; or
(e) qualified business capitalization expenses paid directly to a business capitalization account which is established in a federally insured financial institution which is restricted for such expenses.