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