Indiana 2025 Regular Session

Indiana Senate Bill SB0175 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1
2	2	Introduced Version
3	3	SENATE BILL No. 175
4	4	_____
5	5	DIGEST OF INTRODUCED BILL
6	6	Citations Affected: IC 22-4.1.
7	7	Synopsis: Employee-owned business resource center. Establishes the
8	8	employee-owned business resource center (center). Sets out the duties
9	9	of the center, including establishing and administering a revolving loan
10	10	program. Establishes the employee ownership revolving loan fund.
11	11	Makes conforming changes.
12	12	Effective: July 1, 2025.
13	13	Yoder
14	14	January 8, 2025, read first time and referred to Committee on Commerce and Technology.
15	15	2025 IN 175—LS 6572/DI 153 Introduced
16	16	First Regular Session of the 124th General Assembly (2025)
17	17	PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana
18	18	Constitution) is being amended, the text of the existing provision will appear in this style type,
19	19	additions will appear in this style type, and deletions will appear in this style type.
20	20	Additions: Whenever a new statutory provision is being enacted (or a new constitutional
21	21	provision adopted), the text of the new provision will appear in this style type. Also, the
22	22	word NEW will appear in that style type in the introductory clause of each SECTION that adds
23	23	a new provision to the Indiana Code or the Indiana Constitution.
24	24	Conflict reconciliation: Text in a statute in this style type or this style type reconciles conflicts
25	25	between statutes enacted by the 2024 Regular Session of the General Assembly.
26	26	SENATE BILL No. 175
27	27	A BILL FOR AN ACT to amend the Indiana Code concerning labor
28	28	and safety.
29	29	Be it enacted by the General Assembly of the State of Indiana:
30	30	1 SECTION 1. IC 22-4.1-1-4, AS AMENDED BY P.L.107-2012,
31	31	2 SECTION 60, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
32	32	3 JULY 1, 2025]: Sec. 4. "Fund", except as provided in IC 22-4.1-6.5-2
33	33	4 and IC 22-4.1-21-7, refers to the state workforce development fund
34	34	5 established under IC 22-4.1-6-1.
35	35	6 SECTION 2. IC 22-4.1-6.5 IS ADDED TO THE INDIANA CODE
36	36	7 AS A NEW CHAPTER TO READ AS FOLLOWS [EFFECTIVE
37	37	8 JULY 1, 2025]:
38	38	9 Chapter 6.5. Employee-Owned Business Resource Center
39	39	10 Sec. 1. As used in this chapter, "center" refers to the
40	40	11 employee-owned business resource center established by section 3
41	41	12 of this chapter.
42	42	13 Sec. 2. As used in this chapter, "fund" refers to the employee
43	43	14 ownership revolving loan fund established by section 6 of this
44	44	15 chapter.
45	45	16 Sec. 3. The employee-owned business resource center is
46	46	17 established within the department.
47	47	2025 IN 175—LS 6572/DI 153 2
48	48	1 Sec. 4. The center shall do the following:
49	49	2 (1) Provide education and awareness concerning the benefits
50	50	3 of employee ownership and employee ownership succession.
51	51	4 (2) Provide technical assistance to:
52	52	5 (A) employees seeking to start an employee owned
53	53	6 business; or
54	54	7 (B) business owners exploring the possibility of
55	55	8 transferring full or partial ownership to employees.
56	56	9 (3) Train employees and employers with respect to methods
57	57	10 of employee participation in open-book management, work
58	58	11 teams, committees, and other approaches for seeking greater
59	59	12 employee input.
60	60	13 (4) Create and manage an employee ownership referral
61	61	14 service that connects business owners and employees with
62	62	15 local legal, financial, and technical advisers.
63	63	16 (5) Conduct research, studies, and analyses concerning
64	64	17 employee ownership.
65	65	18 (6) Provide a low interest revolving loan program under
66	66	19 section 5 of this chapter.
67	67	20 Sec. 5. The center shall establish and administer a revolving
68	68	21 loan program that promotes employee ownership succession or the
69	69	22 creation of new employee owned businesses. The interest rates for
70	70	23 the loans shall be fixed by the center.
71	71	24 Sec. 6. (a) The employee ownership revolving loan fund is
72	72	25 established.
73	73	26 (b) The fund consists of the following:
74	74	27 (1) Appropriations from the general assembly.
75	75	28 (2) Repayments of loans and other financial assistance from
76	76	29 the fund, including interest, premiums, and penalties.
77	77	30 (3) Donations, gifts, grants, and bequests to the fund.
78	78	31 (4) Interest and dividends on assets of the fund.
79	79	32 (5) Money transferred to the fund from other funds.
80	80	33 (6) Money from any other source deposited into the fund.
81	81	34 (c) The center shall administer the fund.
82	82	35 (d) The money in the fund shall be used:
83	83	36 (1) for the revolving loan program under section 5 of this
84	84	37 chapter; and
85	85	38 (2) to pay the expenses of administering the fund.
86	86	39 (e) The treasurer of state shall invest the money in the fund not
87	87	40 currently needed to meet the obligations of the fund in the same
88	88	41 manner as other public funds may be invested. Interest that
89	89	42 accrues from these investments shall be deposited into the fund.
90	90	2025 IN 175—LS 6572/DI 153 3
91	91	1 (f) Money in the fund at the end of a state fiscal year does not
92	92	2 revert to the state general fund.
93	93	3 Sec. 7. The center may adopt rules under IC 4-22-2 to carry out
94	94	4 its responsibilities under this chapter.
95	95	2025 IN 175—LS 6572/DI 153