Hawaii Revised Statutes 257. Individual Development Accounts
- 257-1 Definitions.
As used in this chapter: "Eligible educational institution" means: (1) An institution described in sections 481(a)(1) or 1201(a) of the Higher Education Act of...
- 257-2 Eligible Individuals.
(a) The income of the household of the individual development account holder shall not exceed eighty per cent of the area household median income....
- 257-3 Fiduciary Organizations.
(a) Fiduciary organizations shall serve as an intermediary between individual development account holders and financial institutions holding accounts. The fiduciary organization's responsibilities may include:...
- 257-4 Penalties.
(a) The fiduciary organization shall establish a grievance committee and a procedure to hear, review, and decide in writing any grievance made by an...
- 257-5 Death.
In the event of an account holder's death, the account may be transferred to the ownership of a contingent beneficiary. An account holder shall...
- 257-6 Financial Institutions.
(a) Financial institutions shall be permitted to establish individual development accounts pursuant to this chapter. The financial institution shall certify to the fiduciary organization,...
- 257-7 Assets; Disregarded.
The department of human services shall collaborate with individual development account fiduciary organizations to ensure that the accounts as provided for in this chapter,...
- 257-8 Matches.
(a) The State shall match an amount of up to $100,000 per calendar year for individual development accounts. (b) Not more than a 2:1...
- 257-9 Tax Exemption.
All moneys contributed into an individual development account, including state and private matches, individual savings, and interest earned, shall be exempt from taxation. [L...
- 257-10 Tax Credit.
(a) Taxpayers subject to the tax imposed under chapter 235 who contribute matching funds for individual development accounts may be eligible for the tax...
- 257-11 Administration; Evaluation; Information; Reporting.
(a) The fiduciary organization running an individual development account program shall have sole authority over the administration of the project. The State may prescribe...
Last modified: October 27, 2016