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Indiana · 2025 Regular Session · Bill

HB 1038: ESOP linked deposit program.

In committee Official data

  1. Introduced
  2. In committee
  3. Passed one chamber
  4. Passed both chambers
  5. Enacted

Last official action: ·Record last updated:

Plain-language summary

HB 1038 is a bill introduced in the Indiana House on January 8, 2025. According to its official title, it concerns: ESOP linked deposit program. Primary sponsor: Jake Teshka (Republican). It lists 2 additional sponsors. Most recent recorded action (January 28, 2025): Representatives Pierce K and Andrade added as coauthors.

Generated automatically from the official title, sponsor list, and status record only. It does not characterize the bill’s purpose or effects. How summaries are written

Official summary

Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.

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.

Sponsors

Sponsors by party (alphabetical): Democratic 1 · Republican 2

NameRolePartyChamberDistrict
Jake TeshkaPrimary sponsorRepublicanHouse7
Mike AndradeCo-sponsorDemocraticHouse12
Kyle PierceCo-sponsorRepublicanHouse36

“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.

Recent official actions

  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

Sources

  1. Open States / Plural (data from the official legislature website)
  2. Official legislature source