Connecticut Administrative Code
Title 31 - Labor
51ddd - Individual Development Accounts Program
Section 31-51ddd-4 - Permissible savings goals of individual development accounts

Universal Citation: CT Reg of State Agencies 31-51ddd-4

Current through September 9, 2024

Individual development accounts shall only be established for one of the following purposes:

(1) the costs of education or job training;

(A) Education costs for an account holder are all costs which are necessary for the enrollment and successful completion of a program of education, as defined in subdivision (10) of section 31-51ddd-1 of the Regulations of Connecticut State Agencies, including but not limited to tuition, fees, books, supplies and equipment.

(B) Job training costs for an account holder are all costs which are necessary for the enrollment and successful completion of a job training program, including but not limited to tuition, fees, books, supplies and equipment.

(2) the costs of purchasing a home as the account holder's primary residence, which costs shall not exceed one hundred-twenty percent of the average area purchase price applicable to such residence, and may include but not be limited to the costs of acquiring, constructing, or reconstructing a residence, including any usual or reasonable settlement, financing, or other closing costs;

(3) the participation in or development of a new or existing entrepreneurial activity for which a business plan has been developed with the direct or indirect assistance of the community-based organization.

(4) the purchase of an automobile for the purpose of obtaining or maintaining employment; or

(5) the purchase of a lease deposit on the account holder's primary residence.

Disclaimer: These regulations may not be the most recent version. Connecticut may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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