Defines a "community based organization" as a private, nonprofit corporation whose board of directors is comprised of business, civic, and community leaders, and whose principal purpose includes the provision of low income housing. (Current law limits administration, through a financial institution, of an account to community development corporations.) Provides that: (1) the first $1,500 (rather than $800) is eligible for a state deposit in an individual's account; (2) the allocation, for each account that has been established, for not more than five years, is $3 for each $1 of the first $1,500 (rather than the first $400) an individual deposited into the individual's account; and (3) the amount of the allocation may not exceed $4,500 (rather than $2,400) for each account. Makes various changes to the administration of and procedure for claiming the neighborhood assistance tax credit and the individual development account tax credit. Removes a reference to an obsolete tax.

Statutes affected:
Introduced Senate Bill (S): 4-4-28-5, 4-4-28-7, 4-4-28-8, 4-4-28-9, 4-4-28-10, 4-4-28-11, 4-4-28-12, 4-4-28-13, 4-4-28-15, 4-4-28-16, 4-4-28-18, 6-3.1-9-1, 6-3.1-9-2, 6-3.1-9-4, 4-4-28-2.5, 6-3.1-18-4.5, 6-3.1-18-6, 6-3.1-18-9
Senate Bill (S): 4-4-28-5, 4-4-28-7, 4-4-28-8, 4-4-28-9, 4-4-28-10, 4-4-28-11, 4-4-28-12, 4-4-28-13, 4-4-28-15, 4-4-28-16, 4-4-28-18, 6-3.1-9-1, 6-3.1-9-2, 6-3.1-9-4, 4-4-28-2.5, 6-3.1-18-4.5, 6-3.1-18-6, 6-3.1-18-9
Engrossed Senate Bill (S): 4-4-28-5, 4-4-28-7, 4-4-28-8, 4-4-28-9, 4-4-28-10, 4-4-28-11, 4-4-28-12, 4-4-28-13, 4-4-28-15, 4-4-28-16, 4-4-28-18, 6-3.1-9-1, 6-3.1-9-2, 6-3.1-9-4, 6-3.1-18-4.5, 6-3.1-18-6, 6-3.1-18-9
Senate Bill (H): 4-4-28-5, 4-4-28-7, 4-4-28-8, 4-4-28-9, 4-4-28-10, 4-4-28-11, 4-4-28-12, 4-4-28-13, 4-4-28-15, 4-4-28-16, 4-4-28-18, 6-3.1-9-1, 6-3.1-9-2, 6-3.1-9-4, 6-3.1-18-4.5, 6-3.1-18-6, 6-3.1-18-9
Enrolled Senate Bill (S): 4-4-28-5, 4-4-28-7, 4-4-28-8, 4-4-28-9, 4-4-28-10, 4-4-28-11, 4-4-28-12, 4-4-28-13, 4-4-28-15, 4-4-28-16, 4-4-28-18, 6-3.1-9-1, 6-3.1-9-2, 6-3.1-9-4, 6-3.1-18-4.5, 6-3.1-18-6, 6-3.1-18-9