HB 1407 — Proceeds from the sale of a capital asset.
Last action — Signed by the Governor
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✓Introduced
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✓In Committee
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✓Passed House
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✓Passed Senate
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✓To Executive
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6Enacted
This bill has been enacted into law. Introduced January 14, 2021. Enacted.
Odds of enactment
High chanceBased on the sponsor, cosponsors, and committee posture, this bill has a high chance of becoming law.
Upgrade to see the exact probability and what's driving it.
A statistical estimate from our own model of past outcomes — an insight, not a guarantee. Policymaking is volatile.
Prognosis
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Enacted
Current position in the legislative process.
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5 sponsors
4 primary, 1 co-sponsors signed on.
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Single-party support
Sponsorship is currently within one party (3 R).
Based on stage, sponsorship breadth, committee status, recorded votes, and cross-state momentum — a description of the observable signals, not a prediction.
Summary
Authorizes a nonprofit foundation (foundation) established by a county to hold proceeds from the sale of capital assets to include in the foundation's investment policy statement a formal spending policy for: (1) a spending rate of up to 5% multiplied by a five year moving average of quarterly market values with the distributable amount for each year determined on a specified date; or (2) in the case of a foundation that was established less than 10 years ago, an interim spending rate of up to 5% multiplied by a moving average consisting of all available quarterly market values since the date the foundation was established. Amends provisions that apply to a foundation that is established to hold proceeds from the sale of a county hospital as follows: (1) Specifies that the county may transfer excess money it receives from the foundation's annual spend rate back into the foundation. (2) Provides that if the annual investment income earned on the principal of the foundation exceeds 5% in a calendar year, that amount is added to and considered a part of the principal of the foundation. (3) Requires the board of the foundation to establish one or more separate accounts in which the principal and income of the foundation shall be held and that are subject to the same requirements in current law for accessing the principal and income.
Bill Text
We don't have the full text on file for this bill yet.
Read HB 1407 on the official Indiana source →Action History
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Signed by the Governor
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Public Law 40
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Signed by the President of the Senate
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Signed by the President Pro Tempore
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Signed by the Speaker
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Returned to the House without amendments
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Third reading: passed; Roll Call 246: yeas 47, nays 0
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Second reading: ordered engrossed
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Committee report: do pass, adopted
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First reading: referred to Committee on Local Government
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Referred to the Senate
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Senate sponsors: Senators Grooms, Charbonneau, Tallian
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Third reading: passed; Roll Call 149: yeas 95, nays 0
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Second reading: ordered engrossed
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Committee report: amend do pass, adopted
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First reading: referred to Committee on Local Government
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Authored by Representative Engleman
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Coauthored by Representative Clere
Sponsors
- Karen Engleman · Primary
- Edward Clere · Cosponsor
- Ronald Grooms · Primary
- Ed Charbonneau · Primary
- Karen Tallian · Primary
Sponsorship breakdown
Export CSV (upgrade) →4 sponsors · 1 co-sponsors · 145 not signed on
Sponsors (4)
- Karen Engleman Republican
- Ronald Grooms
- Ed Charbonneau Republican
- Karen Tallian
Co-sponsors (1)
- Edward Clere Republican
Not signed on (145)
145 members have not signed on to this bill.
Show all 145 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Subjects
Frequently asked questions
- What does HB 1407 do?
- Authorizes a nonprofit foundation (foundation) established by a county to hold proceeds from the sale of capital assets to include in the foundation's investment policy statement a formal spending policy for: (1) a spending rate of up to 5% multiplied by a five year moving average of quarterly market values with the distributable amount for each year determined on a specified date; or (2) in the case of a foundation that was established less than 10 years ago, an interim spending rate of up to 5% multiplied by a moving average consisting of all available quarterly market values since the date the foundation was established. Amends provisions that apply to a foundation that is established to hold proceeds from the sale of a county hospital as follows: (1) Specifies that the county may transfer excess money it receives from the foundation's annual spend rate back into the foundation. (2) Provides that if the annual investment income earned on the principal of the foundation exceeds 5% in a calendar year, that amount is added to and considered a part of the principal of the foundation. (3) Requires the board of the foundation to establish one or more separate accounts in which the principal and income of the foundation shall be held and that are subject to the same requirements in current law for accessing the principal and income.
- Who sponsors HB 1407?
- HB 1407 is sponsored by Karen Engleman (Republican), Edward Clere (Republican), Ronald Grooms, Ed Charbonneau (Republican), and Karen Tallian.
- What is the current status of HB 1407?
- This bill has been enacted into law. Introduced January 14, 2021. Enacted.
- Where can I track HB 1407?
- Track HB 1407 free on One Click Politics — get push/email alerts when it moves.
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Last checked for changes 3 months ago · updated continuously
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