republic-os/legislation/us/states/in/2021/hb-1407.md

type, title, description, jurisdiction, legislature, session, identifier, citation, classification, subjects, status, primary_sponsors, version_count, action_count, vote_count, first_action, last_action, source, source_identifier, source_url, source_hash, vintage, source_snapshot, retrieved_at, confidence, tags

type	title	description	jurisdiction	legislature	session	identifier	citation	classification	subjects	status	primary_sponsors	version_count	action_count	vote_count	first_action	last_action	source	source_identifier	source_url	source_hash	vintage	source_snapshot	retrieved_at	confidence	tags
Bill	Proceeds from the sale of a capital asset.	Authorizes a nonprofit foundation (foundation) established by a county to hold proceeds from the sale of capital assets to include in the foundation's investment policy statement a formal spending policy for: (1) a spending rate of up to 5% multiplied by a five year moving average of quarterly market values with the distributable amount for each year determined on a specified date; or (2) in the case of a foundation that was established less than 10 years ago, an interim spending rate of up to 5% multiplied by a moving average consisting of all available quarterly market values since the date the foundation was established. Amends provisions that apply to a foundation that is established to hold proceeds from the sale of a county hospital as follows: (1) Specifies that the county may transfer excess money it receives from the foundation's annual spend rate back into the foundation. (2) Provides that if the annual investment income earned on the principal of the foundation exceeds 5% in a calendar year, that amount is added to and considered a part of the principal of the foundation. (3) Requires the board of the foundation to establish one or more separate accounts in which the principal and income of the foundation shall be held and that are subject to the same requirements in current law for accessing the principal and income.	us/states/in	Indiana General Assembly	2021	HB 1407	Indiana HB 1407 (2021)	bill	COUNTY GOVERNMENT FINANCIAL INSTITUTIONS NONPROFIT CORPORATIONS AND ORGANIZATIONS	enacted	Ed Charbonneau Karen Engleman Karen Tallian Ronald Grooms	4	18	0	2021-01-14	2021-04-08	openstates	ocd-bill/d7d312a6-59ef-4425-9591-bb17fbf5a746	http://iga.in.gov/legislative/2021/bills/house/1407	8032e584cbe1858f0ec15b57e213338b3cdd235df57f1bd7e30132aaf299cbef	2026-07-01	https://data.openstates.org/daily/2026-07-01/public.pgdump	2026-07-06	reported	legislation bill us-in

Indiana HB 1407 (2021) — Proceeds from the sale of a capital asset.

Authorizes a nonprofit foundation (foundation) established by a county to hold proceeds from the sale of capital assets to include in the foundation's investment policy statement a formal spending policy for: (1) a spending rate of up to 5% multiplied by a five year moving average of quarterly market values with the distributable amount for each year determined on a specified date; or (2) in the case of a foundation that was established less than 10 years ago, an interim spending rate of up to 5% multiplied by a moving average consisting of all available quarterly market values since the date the foundation was established. Amends provisions that apply to a foundation that is established to hold proceeds from the sale of a county hospital as follows: (1) Specifies that the county may transfer excess money it receives from the foundation's annual spend rate back into the foundation. (2) Provides that if the annual investment income earned on the principal of the foundation exceeds 5% in a calendar year, that amount is added to and considered a part of the principal of the foundation. (3) Requires the board of the foundation to establish one or more separate accounts in which the principal and income of the foundation shall be held and that are subject to the same requirements in current law for accessing the principal and income.

Version chain

The bill's text revisions, in order — the diff chain from filing to enrollment.

1. Enrolled House Bill (H) (committee substitute) — source
2. House Bill (H) (committee substitute) — source
3. House Bill (S) (committee substitute) — source
4. Introduced House Bill (H) (committee substitute) — source

Sponsors

• Ed Charbonneau — primary (person)
• Karen Engleman — primary (person)
• Karen Tallian — primary (person)
• Ronald Grooms — primary (person)
• Edward Clere — coauthor (person)

Timeline

The legislative action history — every referral, reading, and vote.

• 2021-01-14 Coauthored by Representative Clere
• 2021-01-14 Authored by Representative Engleman
• 2021-01-14 First reading: referred to Committee on Local Government reading-1, referral-committee
• 2021-02-11 Committee report: amend do pass, adopted committee-passage
• 2021-02-15 Second reading: ordered engrossed reading-2
• 2021-02-17 Third reading: passed; Roll Call 149: yeas 95, nays 0 passage, reading-3
• 2021-02-17 Senate sponsors: Senators Grooms, Charbonneau, Tallian
• 2021-02-18 Referred to the Senate
• 2021-03-02 First reading: referred to Committee on Local Government reading-1, referral-committee
• 2021-03-15 Committee report: do pass, adopted committee-passage
• 2021-03-18 Second reading: ordered engrossed reading-2
• 2021-03-22 Third reading: passed; Roll Call 246: yeas 47, nays 0 passage, reading-3
• 2021-03-23 Returned to the House without amendments
• 2021-03-29 Signed by the Speaker
• 2021-04-01 Signed by the President Pro Tempore
• 2021-04-07 Signed by the President of the Senate
• 2021-04-08 Public Law 40
• 2021-04-08 Signed by the Governor executive-signature

Source

OpenStates / OpenCivicData bulk snapshot 2026-07-01; origin ocd-bill/d7d312a6-59ef-4425-9591-bb17fbf5a746. Confidence: reported (aggregated from official Indiana legislature records).