The Indiana Housing and Community Development Authority (IHCDA) recently announced the availability of $100,000 in Individual Development Account (IDA) tax credits for purchase by individuals or companies and subsequently issued clarifications about the difference between Individual Development Account (IDA) tax credits and the IDA program in general. When individuals and companies invest in the IDA tax credit program, contributors receive 50 cents back on each dollar contributed in the form of a credit which is then subtracted from their state tax or bank fee liability, which they are able to deduct from their federal tax return. Essentially, this is an opportunity for individuals and companies to directly invest in communities as IDA tax credit investments provide local program providers with the capacity to create new or grow existing Individual Development Account programs. IDA programs are administered through 32 sponsoring nonprofit community development corporations (CDCs) and are meant to assist Indiana residents below 175% of the Federal poverty guidelines with building assets and achieving targeted savings in order to purchase or rehabilitate a home, further education opportunities, or start/expand a small business. Anyone wishing to invest in the IDA tax credits or apply for an Individual Development Account should contact Jackie Troy at JTroy@ihcda.in.gov or 317-232-3560.
Click here to view the IDA tax credit application.
Click here to read more about the IDA program.
