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