HB 1316 — Next level trust fund.

1 sponsors · 1 co-sponsors · 148 not signed on

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Frequently asked questions

What does HB 1316 do?

Repeals the provision establishing the next generation trust fund. Requires that title to any proceeds transferred to and held in the next generation trust fund, including any money and investments held in the next generation trust fund, and under any trust agreement entered into by the Indiana finance authority (authority) and the treasurer of state, be transferred to the next level Indiana trust fund. Provides that upon completion of the transfer to the next level Indiana trust fund, the next generation trust fund shall cease and be of no further force or effect as a charitable trust or otherwise. Provides that the officers, directors, and employees of the authority and the treasurer of state are immune from civil liability in connection with any transfer to the next level Indiana trust fund. Changes the quorum requirement for the next level Indiana trust fund investment board. Provides that not any one investment made from the next level Indiana trust fund in an investment fund may exceed $25,000,000 unless the investment fund is specifically created to meet a need in Indiana's ecosystem as determined by the next level Indiana trust fund investment board. Provides that the principal of the next level Indiana trust fund may be used to make and secure lease rental payments that: (1) are payable from grant proceeds from the federal government; and (2) will be used to pay bonds or notes issued by the authority. Provides that if grant proceeds received from the federal government are not sufficient to pay a lease rental payment, the authority shall notify the trustee of the next level Indiana trust fund when the lease rental payment is due and the amount of the shortfall. Requires, upon receiving notice from the authority, the trustee of the next level Indiana trust fund to promptly transfer money in the next level Indiana trust fund in the amount of the shortfall, or at the direction of the authority, for the purpose of making the lease rental payment. Requires, if such a transfer is made, the state budget director to transfer funds from the state general fund to the next level Indiana trust fund in an amount equal to the transfer. Requires the state budget director to submit a report to the budget committee within 30 days after the transfer.

Who sponsors HB 1316?

HB 1316 is sponsored by Dave Heine (Republican) and Craig Snow (Republican).

What is the current status of HB 1316?

This bill died with 2024 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

Where can I track HB 1316?

Track HB 1316 free on One Click Politics — get push/email alerts when it moves.