Indiana 2025 Regular Session Status: In Committee Bipartisan · 2 R · 1 D cosponsors

HB 1038 — ESOP linked deposit program.

Last action — Representatives Pierce K and Andrade added as coauthors

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

This bill died with 2025 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.

This bill is no longer active — its legislative session has ended, so there are no live odds of enactment. It would have to be reintroduced in the current session to move again.

Summary

Requires the treasurer of state (treasurer) to establish and administer a program to assist Indiana companies in obtaining financing from a financial institution for the purchase of company shares by an employee stock ownership plan (ESOP). Allows the treasurer and a financial institution to enter into an agreement under which: (1) the treasurer places a certificate of deposit (CD) with the financial institution at not more than 3% below the comparable Treasury Bill rate; (2) the financial institution makes a loan to a company at a reduced percentage rate of interest that corresponds to the CD's reduced rate of interest; and (3) the rate of interest of both the loan and the certificate of deposit move in tandem for the duration of the loan term.

Bill Text

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

Read HB 1038 on the official Indiana source →

Action History

  1. Representatives Pierce K and Andrade added as coauthors

  2. Committee report: amend do pass, adopted

  3. Recommitted to the Committee on Ways and Means pursuant to House Rule 126.3

  4. Authored by Representative Teshka

  5. First reading: referred to Committee on Financial Institutions

Sponsors

Sponsorship breakdown

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1 sponsors · 2 co-sponsors · 147 not signed on

Sponsors (1)

Co-sponsors (2)

Not signed on (147)

147 members have not signed on to this bill.

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"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

Subjects

finance labor
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Frequently asked questions

What does HB 1038 do?
Requires the treasurer of state (treasurer) to establish and administer a program to assist Indiana companies in obtaining financing from a financial institution for the purchase of company shares by an employee stock ownership plan (ESOP). Allows the treasurer and a financial institution to enter into an agreement under which: (1) the treasurer places a certificate of deposit (CD) with the financial institution at not more than 3% below the comparable Treasury Bill rate; (2) the financial institution makes a loan to a company at a reduced percentage rate of interest that corresponds to the CD's reduced rate of interest; and (3) the rate of interest of both the loan and the certificate of deposit move in tandem for the duration of the loan term.
Who sponsors HB 1038?
HB 1038 is sponsored by Mike Andrade (Democrat), Kyle Pierce (Republican), and Jake Teshka (Republican).
What is the current status of HB 1038?
This bill died with 2025 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 1038?
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Last checked for changes 3 months ago · updated continuously

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