Indiana 2022 Regular Session Status: Enacted Bipartisan · 5 R · 1 D cosponsors

SB 408 — Community investments by financial institutions.

Last action — Public Law 31

  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Senate
  4. ✓
    Passed House
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced January 12, 2022. Enacted.

Odds of enactment

High chance

Based on the sponsor, cosponsors, and committee posture, this bill has a high chance of becoming law.

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A statistical estimate from our own model of past outcomes — an insight, not a guarantee. Policymaking is volatile.

Prognosis

Likely to advance 98% · high confidence

  • Enacted

    Current position in the legislative process.

  • 8 sponsors

    3 primary, 5 co-sponsors signed on.

  • Bipartisan support

    Sponsored across 2 parties (5 R · 1 D) — cross-party backing.

  • Cleared a recorded vote

    Passed 1 recorded vote so far.

Based on stage, sponsorship breadth, committee status, recorded votes, and cross-state momentum — a description of the observable signals, not a prediction.

Summary

Amends the statute authorizing a bank or trust company to make investments in community based economic development to also authorize investments in: (1) any community and economic development entity, community development project, or other public welfare investment; and (2) tax equity finance transactions; subject to the investments being made in compliance with applicable federal regulations and any regulation, rule, policy, or guidance adopted by the department of financial institutions. Authorizes savings banks and savings associations to engage in tax equity finance transactions.

Bill Text

We don't have the full text on file for this bill yet.

Read SB 408 on the official Indiana source →

Action History

  1. Public Law 31

  2. Signed by the Governor

  3. Signed by the President of the Senate

  4. Signed by the President Pro Tempore

  5. Signed by the Speaker

  6. Returned to the Senate without amendments

  7. Third reading: passed; Roll Call 215: yeas 93, nays 1

  8. Second reading: ordered engrossed

  9. Committee report: do pass, adopted

  10. First reading: referred to Committee on Financial Institutions and Insurance

  11. Referred to the House

  12. Senator Sandlin added as coauthor

  13. Senator Randolph added as coauthor

  14. Senator Baldwin added as coauthor

  15. Senator Walker K added as second author

  16. Cosponsor: Representative Lehman

  17. House sponsor: Representative Carbaugh

  18. Third reading: passed; Roll Call 84: yeas 46, nays 0

  19. Second reading: ordered engrossed

  20. Senator Bohacek added as coauthor

  21. Committee report: amend do pass, adopted

  22. First reading: referred to Committee on Insurance and Financial Institutions

  23. Authored by Senator Zay

Sponsors

Sponsorship breakdown

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3 sponsors · 5 co-sponsors · 142 not signed on · 1 voted No

Sponsors (3)

Co-sponsors (5)

Not signed on (142)

142 members have not signed on to this bill.

Show all 142 →

"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.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

SB 408 - Carbaugh - 3rd Reading

Passed 93 Yea · 1 Nay · 6 Other
Party YeaNayPresentNot Voting
Republican 42104
Unaffiliated 28000
Democrat 23002
Total 93106
% of votes cast 93%1%0%6%
How each member voted (100)
Member Party Vote
Fleming — Yea
Frye — Yea
Leonard — Yea
Austin — Yea
Saunders — Yea
Goodrich — Yea
Schaibley — Yea
Lyness — Yea
Gutwein — Yea
Boy — Yea
Hatfield — Yea
Morrison — Yea
Speedy — Yea
Cherry — Yea
Negele — Yea
Jacob — Yea
Nisly — Yea
Torr — Yea
Cook — Yea
Vermilion — Yea
Zent — Yea
Eberhart — Yea
Ziemke — Yea
Ellington — Yea
Lehe — Yea
Brown, T — Yea
Davisson, J. — Yea
Young, J — Yea
Blake Johnson Democrat Yea
Carey Hamilton Democrat Yea
Carolyn Jackson Democrat Yea
Cherrish Pryor Democrat Yea
Chris Campbell Democrat Yea
Chuck Moseley Democrat Yea
Earl Harris Democrat Yea
Edward DeLaney Democrat Yea
Gregory Porter Democrat Yea
John Bartlett Democrat Not Voting
Justin Moed Democrat Yea
Matt Pierce Democrat Yea
Maureen Bauer Democrat Yea
Mike Andrade Democrat Yea
Mitch Gore Democrat Yea
Philip GiaQuinta Democrat Yea
Ragen Hatcher Democrat Yea
Renee Pack Democrat Yea
Robin Shackleford Democrat Yea
Ryan Dvorak Democrat Not Voting
Sheila Klinker Democrat Yea
Sue Errington Democrat Yea
Tonya Pfaff Democrat Yea
Vanessa Summers Democrat Yea
Vernon Smith Democrat Yea
Beau Baird Republican Yea
Ben Smaltz Republican Yea
Brad Barrett Republican Yea
Bruce Borders Republican Yea
Chris Jeter Republican Not Voting
Chris Judy Republican Yea
Chris May Republican Yea
Cindy Ledbetter Republican Yea
Craig Snow Republican Yea
Dale DeVon Republican Yea
Dave Heine Republican Yea
David Abbott Republican Yea
Doug Miller Republican Yea
Edmond Soliday Republican Yea
Edward Clere Republican Yea
Elizabeth Rowray Republican Yea
Ethan Manning Republican Nay
Gregory Steuerwald Republican Yea
Harold Slager Republican Yea
Heath VanNatter Republican Yea
J.D. Prescott Republican Yea
Jack Jordan Republican Yea
Jake Teshka Republican Yea
Jeffrey Thompson Republican Not Voting
Jim Lucas Republican Yea
Jim Pressel Republican Yea
Joanna King Republican Yea
Julie Olthoff Republican Yea
Karen Engleman Republican Yea
Martin Carbaugh Republican Yea
Matt Hostettler Republican Yea
Matt Lehman Republican Yea
Michael Karickhoff Republican Yea
Michelle Davis Republican Yea
Mike Aylesworth Republican Yea
Peggy Mayfield Republican Yea
Robert Behning Republican Yea
Robert Heaton Republican Yea
Robert Morris Republican Yea
Ryan Lauer Republican Yea
Shane Lindauer Republican Yea
Steve Bartels Republican Not Voting
Timothy O'Brien Republican Yea
Timothy Wesco Republican Yea
Todd Huston Republican Not Voting
Wendy McNamara Republican Yea
Zach Payne Republican Yea

Official roll call →

Subjects

taxation finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB 408 do?
Amends the statute authorizing a bank or trust company to make investments in community based economic development to also authorize investments in: (1) any community and economic development entity, community development project, or other public welfare investment; and (2) tax equity finance transactions; subject to the investments being made in compliance with applicable federal regulations and any regulation, rule, policy, or guidance adopted by the department of financial institutions. Authorizes savings banks and savings associations to engage in tax equity finance transactions.
Who sponsors SB 408?
SB 408 is sponsored by Andy Zay, Kyle Walker (Republican), Mike Bohacek (Republican), Scott Baldwin (Republican), Lonnie Randolph (Democrat), Jack Sandlin, Martin Carbaugh (Republican), and Matt Lehman (Republican).
What is the current status of SB 408?
This bill has been enacted into law. Introduced January 12, 2022. Enacted.
Where can I track SB 408?
Track SB 408 free on One Click Politics — get push/email alerts when it moves.

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