Ind. Code ch. 5-34-1

Ind. Code ch. 5-34-1
in effect

Ind. Code § 5-34-1-1 Application of definitions

Sec. 1. The definitions in this chapter apply throughout this article. As added by P.L.165-2021, SEC.65.

Ind. Code § 5-34-1-2 "Base year state income tax liability"

Sec. 2. "Base year state income tax liability" means the amount of state income tax paid by an individual who receives a financial assistance award from the fund during the taxable year immediately preceding the taxable year in which the individual enrolled in the qualified education program. As added by P.L.165-2021, SEC.65.

Ind. Code § 5-34-1-3 "Department"

Sec. 3. "Department" refers to the department of state revenue. As added by P.L.165-2021, SEC.65.

Ind. Code § 5-34-1-4 "Fund"

Sec. 4. "Fund" refers to the Indiana career accelerator fund established by IC 5-34-2-1. As added by P.L.165-2021, SEC.65.

Ind. Code § 5-34-1-5 "INvestED Indiana"

Sec. 5. "INvestED Indiana" refers to the Indiana-based, nonprofit financial aid literacy and student loan organization commonly known as INvestED. As added by P.L.165-2021, SEC.65.

Ind. Code § 5-34-1-6 "Qualified education program"

Sec. 6. "Qualified education program" means a program that is certified by INvestED Indiana. As added by P.L.165-2021, SEC.65.

Ind. Code § 5-34-1-7 Requirements for certification of a qualified education program

Sec. 7. (a) INvestED Indiana shall develop policies to evaluate, identify, and certify qualified education programs. (b) Requirements for certification of a qualified education program must include the following: (1) The program allows an individual to earn a credential in not more than two (2) years. (2) The following must be demonstrated to INvestED Indiana concerning the program: (A) That at least seventy-five percent (75%) of enrolled individuals graduate from the program with a credential not more than six (6) months after beginning the program. (B) That at least sixty-five percent (65%) of graduates obtain employment within three (3) months of graduating from the program. (C) That graduates of the program who obtain employment within six (6) months of graduation earn average wages that are at least twenty percent (20%) higher than the wages the graduates earned before beginning the program. (D) That graduates of the program earn an average wage that is at least one hundred fifty percent (150%) of the statewide per capita income within two (2) years of graduation. As added by P.L.165-2021, SEC.65. Amended by P.L.202-2023, SEC.6.

Ind. Code § 5-34-1-8 Financial assistance awards from the fund; purposes

Sec. 8. INvestED Indiana shall provide financial assistance awards from the fund to assist individuals in obtaining credentials from qualified education programs. As added by P.L.165-2021, SEC.65.

Ind. Code § 5-34-1-9 Repayment agreement

Sec. 9. (a) INvestED Indiana shall require an individual who receives an award from the fund to enter into an agreement for repayment of the award. (b) An agreement for repayment of an award from the fund is subject to the following: (1) The agreement may not require the individual to make repayments during any period in which the individual is earning a lower annualized income than the individual earned in the taxable year immediately preceding the individual's enrollment in the qualified education program. (2) The agreement may not require the individual to make repayments unless the individual is earning an annualized income that is not less than seventy-five percent (75%) of Indiana median household income. (3) The total award repayment amount may not exceed the initial principal amount of the award. (4) The recipient of an award may not be charged interest on the award. (5) Award repayment installment amounts may not exceed five percent (5%) of the individual's monthly income. However, the individual may voluntarily choose to pay more than the repayment installment amount. As added by P.L.165-2021, SEC.65.

Ind. Code § 5-34-1-10 Annual examination of the fund

Sec. 10. INvestED Indiana shall engage an independent certified public accounting firm to conduct an annual examination of the fund. The examination must comply with the uniform compliance guidelines, directives, and standards established by the state board of accounts. INvestED Indiana shall submit a copy of the annual examination report to the state board of accounts. As added by P.L.165-2021, SEC.65.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/5Fetched: 10/17/2026