SB 459-1_ Filed 03/24/2005, 13:52
Adopted 3/24/2005


Text Box

Adopted Rejected


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COMMITTEE REPORT

            
                                                        YES:

21

                                                        NO:
0

MR. SPEAKER:

    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 insert:
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 following:
        (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.
        (2) 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 least 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 authorized by:
        (1) resolution at any regular or special meeting; or
        (2) unanimous consent of all the members who have not abstained.
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.

__________________________________

Representative Espich


CR045901/DI 113    2005