Kansas Statutes 74-50,207. Same; account earnings exempt from privilege taxation; account funds disregarded in public assistance eligibility determination
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Kansas Statutes 74-50,207
- 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
(a) Earnings by any financial institution attributable to its individual development accounts shall be exempt from privilege taxation imposed by article 11 of chapter 79 of the Kansas Statutes Annotated, and amendments thereto.
(b) Any funds in an individual development account, including accrued interest, shall be disregarded when determining eligibility to receive, or the amount of, any public assistance or benefits.