SB 459-1_ Filed 03/24/2005, 13:52
Your Committee on Ways and Means , to which was referred Senate Bill 459 ,
has had the same under consideration and begs leave to report the same back to the House with
the recommendation that said bill be amended as follows:
SOURCE: Page 1, line 1; (05)CR045901.1. -->
Page 1, delete lines 1 through 17.
Delete pages 2 through 6, begin a new paragraph and insert:
SOURCE: IC 6-3-2-20; (05)CR045901.1. -->
"SECTION 1. IC 6-3-2-20 IS ADDED TO THE INDIANA CODE
AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE
JANUARY 1, 2006]: Sec. 20. (a) Each taxable year, an individual
who makes a contribution to a college choice 529 investment plan
established under IC 21-9 for the benefit of a dependent of the
individual may deduct from the individual's adjusted gross income
(as defined in IC 6-3-1-3.5(a)) the lesser of:
(1) the amount of the contribution made by the individual
during the taxable year; or
(2) two thousand dollars ($2,000).
(b) Notwithstanding subsection (a), a husband and wife filing a
joint adjusted gross income tax return for a particular taxable year
may not claim a deduction under this section of more than two
thousand dollars ($2,000).".
SOURCE: Page 7, line 6; (05)CR045901.7. -->
Page 7, line 6, delete "ten (10) full-time employees who are" and
insert " one (1) full-time employee who is".
Page 8, line 27, delete "ten (10) full-time employees who are" and
insert " one (1) full-time employee who is".
Page 10, delete lines 3 through 33, begin a new paragraph and
SOURCE: IC 21-9-4-1; (05)CR045901.3. -->
"SECTION 3. IC 21-9-4-1 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JANUARY 1, 2006]: Sec. 1. (a) The board
of directors of the authority is established. The board consists of the
(1) The following four (4) ex officio members or directors:
(A) The treasurer of state.
(B) The state superintendent of public instruction.
(C) The Indiana commissioner of higher education.
(D) The budget director.
Five (5) Three (3) appointed members or directors who:
(A) are appointed by the governor; and
(B) have knowledge, skill, and experience in academic,
business, financial, or education fields.
(b) During a member's term of service on the board, an appointed
member of the board may not be an official or employee of the state.
(c) Not more than
three (3) two (2) of the appointed members of the
board may belong to the same political party.
(d) An appointed member serves a four (4) year term. An appointed
member shall hold over after the expiration of the member's term until
the member's successor is appointed and qualified.
(e) The governor may reappoint an appointed member of the board.
(f) A vacancy shall be filled for the balance of an unexpired term in
the same manner as the original appointment.
(g) The treasurer of state shall serve as chairman of the board. The
board shall annually elect one (1) of its ex officio members as vice
chairman, and may elect any other officer that the board desires.
(h) The governor may remove an appointed member for
misfeasance, malfeasance, willful neglect of duty, or other cause after
notice and a public hearing, unless the member expressly waives the
notice and hearing in writing.
SOURCE: IC 21-9-4-5; (05)CR045901.4. -->
SECTION 4. IC 21-9-4-5 IS AMENDED TO READ AS FOLLOWS
[EFFECTIVE JANUARY 1, 2006]: Sec. 5. (a)
Five (5) Four (4)
members of the board are a quorum for:
(1) the transaction of business at a meeting of the board; or
(2) the exercise of a power or function of the authority.
(b) This subsection applies to a meeting of the board at which at
five (5) four (4) members of the board are physically present at
the place where the meeting is conducted. A member of the board may
participate in a meeting of the board by using a means of
communication that permits:
(1) the member;
(2) all other members participating in the meeting; and
(3) all members of the public physically present at the place
where the meeting is conducted;
to simultaneously communicate with each other during the meeting. A
member who participates in a meeting described in this subsection is
considered to be present at the meeting. If a meeting is held under this
subsection, the memoranda of the meeting prepared under
IC 5-14-1.5-4 must state the name of each member who was physically
present at the place where the meeting was conducted, who participated
in the meeting by using a means of communication described in this
subsection, and who was absent from the meeting.
(c) The affirmative vote of a majority of all the members of the
board who are present is necessary for the authority to take action. A
vacancy in the membership of the board does not impair the right of a
quorum to exercise all the rights and perform all the duties of the
authority. An action taken by the board under this article may be
(1) resolution at any regular or special meeting; or
(2) unanimous consent of all the members who have not
A resolution takes effect immediately upon adoption and need not be
published or posted.
(d) The board shall meet at the call of the chairman and as provided
in the bylaws of the authority.
(e) Meetings of the board may be held anywhere in Indiana.
SOURCE: IC 21-9-10-5; (05)CR045901.5. -->
SECTION 5. IC 21-9-10-5 IS ADDED TO THE INDIANA CODE
AS A NEW
SECTION TO READ AS FOLLOWS [EFFECTIVE
JANUARY 1, 2006]: Sec. 5. The treasurer of state and the board for
depositories shall cooperate and provide to the Indiana education
savings authority the following:
(1) Clerical and professional staff and related support.
(2) Office space and services.
(3) Reasonable financial support for the development of rules,
policies, programs, and guidelines, including authority
operations and travel.
SOURCE: ; (05)CR045901.6. -->
SECTION 6. [EFFECTIVE JANUARY 1, 2006] IC 6-3-2-20, as
added by this act, applies to taxable years beginning after
December 31, 2005.
Renumber all SECTIONS consecutively.
(Reference is to SB 459 as reprinted March 1, 2005.)
and when so amended that said bill do pass.
CR045901/DI 113 2005