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STATEHOUSE SUMMARY
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The Indiana General Assembly has entered the final week of the first half of session. The House’s third reading deadline was Monday, February 27, and the Senate’s deadline was Tuesday, February 28. This marks the “halfway” point of the 2023 legislative session. If a bill has not been passed out of its chamber of origin by these deadlines, it is generally considered “dead.” The IMBA Government Relations team will now re-review bills that have survived the first half of session and seek necessary changes to any problematic language that arises. To view the IMBA’s complete bill track list for the 2023 Indiana Legislative Session, click here.
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BILLS TO WATCH
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SB 292 – INPRS Investments
Sen. Travis Holdman (R-Adams, Allen, Blackford, Jay & Wells counties)
HB 1008 – Pension Investments
Rep. Ethan Manning (R-Cass and Miami counties)
What you need to know
The IMBA is OPPOSED to HB 1008. The bill requires any corporate entity to conform with certain protections for specific market sectors in order to do business with the state investment system. The IMBA is IN SUPPORT of the approach in SB 292. This bill requires INPRS to focus on maximizing return and not prioritizing ESG-related investments over return.
Latest action
SB 292 was amended on second reading in the Senate and was subsequently passed on third reading, 40 – 7. HB 1008 passed on third reading 66-30.
Learn more about HB 1008
Learn more about SB 292
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SB 261 – Economic Development Districts
Author: Sen. Brian Buchanan (R-Boone, Clinton, Hendricks & Montgomery counties)
What you need to know
The bill establishes a concept of economic improvement districts where the designated properties may approve the application of a special assessment that would be used to establish bonds for payment of broad economic development projects. The special assessment originally had priority over a lender's interest. The IMBA ensured that a lender's interest/lien remained a priority. The current bill reflects this change; however, the IMBA still has concerns regarding the broad scope of what the bonds can be used for, and the transferability of the property remains. Due to this, the IMBA is OPPOSED to the legislation.
Latest action
The bill was heard in the Senate Committee on Tax and Fiscal Policy on February 21, but no vote was taken.
Learn more about SB 261
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SB 35 – Financial Literacy
Sen. Mike Gaskill (R-Hamilton & Madison Counties)
HB 1281 – Financial Literacy
Rep. David Hall (R-Brown, Monroe & Jackson counties)
What you need to know
The IMBA is in SUPPORT of SB 35 and HB 1281. The bills require that beginning in 2027 for HB 1281 and 2028 for SB 35, each student attending a state accredited high school must take and complete a course on financial literacy to graduate.
Latest action
Both bills have passed their chamber of origin and have been referred to the other chamber for further consideration.
Learn more about SB 35
Learn more about HB 1281
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SB 477 – Threats To Critical Infrastructure
Sen. Justin Busch (R-Allen & Whitley counties)
What you need to know
The IMBA is monitoring this bill and working with the authors on clarification language. The bill prohibits a person from selling or leasing property adjacent to a military installation to someone from, or a business associated with China, Iran, North Korea, Russia, or a country designated as a threat later. The language will create a formal divestment procedure through a government body, a similar process to SEA 388 from 2022 which prohibited Chinese nationals from owning land.
Latest action
The bill passed the Senate on February 6 and was referred to the House of Representatives for further consideration. The bill was assigned to the House Committee on Veteran Affairs and Public Safety on February 28.
Learn more about SB 447
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HB 1236 – Protections For Motor Vehicle Dealers
Rep. Jim Pressel (R-LaPorte & Starke counties)
What you need to know
The IMBA is currently monitoring this bill. This bill came from the Auto Dealers Association and was amended in committee with language regarding captive finance. The amendment allows the dealer to refrain from complying with a manufacturer's requirements of a condition of business using the manufacturer's financing for consumer vehicle purchases.
Latest action
The bill passed the House on February 27. The bill was referred to the Senate for further consideration.
Learn more about HB 1236
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MEET THE INDIANA GENERAL ASSEMBLY
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