2013 Indiana Code
TITLE 21. HIGHER EDUCATION
ARTICLE 9. EDUCATION SAVINGS PROGRAMS
CHAPTER 10. MISCELLANEOUS PROVISIONS
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IC 21-9-10
Chapter 10. Miscellaneous Provisions
IC 21-9-10-1
Purchases; acquisition and disposition of property
Sec. 1. The authority may:
(1) contract for the purchase of supplies, goods, or services; and
(2) acquire and dispose of any real or personal property without
regard to IC 4-13 and IC 5-22.
As added by P.L.165-1996, SEC.1. Amended by P.L.49-1997,
SEC.62.
IC 21-9-10-2
Exemption of accounts from state taxation
Sec. 2. (a) Accounts and all earnings or interest on accounts are
exempt from taxation in Indiana to the extent that those accounts,
earnings, and interest are exempt from federal taxation under the
Internal Revenue Code, subject to any penalties that are established
for education savings programs under this article.
(b) Distributions under IC 6-3-2-19 from an account used to pay
qualified higher education expenses are exempt from the adjusted
gross income tax imposed by IC 6-3-1 through IC 6-3-7.
As added by P.L.165-1996, SEC.1. Amended by P.L.15-2001, SEC.2;
P.L.135-2002, SEC.29.
IC 21-9-10-3
No responsibility by state or higher education institutions to fulfill
obligations of authority
Sec. 3. This article may not be construed as an obligation of the
state or a college or university to assume any responsibility for
fulfilling any obligation of the authority or any education savings
program.
As added by P.L.165-1996, SEC.1. Amended by P.L.2-2007,
SEC.251.
IC 21-9-10-4
Liberal construction of article
Sec. 4. This article shall be construed liberally to effectuate the
purposes and objectives of this article. The purposes and objectives
of this article and the provisions of this article that grant powers shall
be broadly interpreted to effectuate the article's purposes and
objectives and not to imply any limitation of powers.
As added by P.L.165-1996, SEC.1.
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