Requirements
(A) In general
(A)In general#
An individual development account established under this subsection shall be a trust created or organized in the United States and funded through periodic contributions by the establishing individual and matched by or through a qualified entity for a qualified purpose (as described in paragraph (2)(B)).
(B)“Qualified entity” defined#
As used in this subsection, the term “qualified entity” means—
(i) a not-for-profit organization described in section 501(c)(3) of the Internal Revenue Code of 1986 and exempt from taxation under section 501(a) of such Code; or
(ii) a State or local government agency acting in cooperation with an organization described in clause (i).
(B)(i)#
a not-for-profit organization described in section 501(c)(3) of the Internal Revenue Code of 1986 and exempt from taxation under section 501(a) of such Code; or
(B)(ii)#
a State or local government agency acting in cooperation with an organization described in clause (i).