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IN HJR0003
Joint Resolution
Status
1/14/2019
Primary Sponsor
Ryan Dvorak
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AI Summary
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Establishes the Indiana Permanent Fund in the state treasury, funded by 50% or more of any general fund budget surplus each fiscal year, plus legislative appropriations and other designated sources
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Requires all investment income to be reinvested in the fund during the first 20 years of operation
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Gradually increases the percentage of investment income that may be withdrawn: 5% during years 21-40, 10% during years 41-60, 15% during years 61-80, and 20% during years 81-100
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Allows 95% of investment income to be deposited in the general fund or other designated state funds after 100 years of operation
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Requires approval by two consecutive General Assemblies and ratification by majority voter approval to amend Article 10 of the Indiana Constitution
Legislative Description
Establishes the Indiana permanent fund (fund) in the state treasury. Provides that the fund consists of: (1) 50% or such other greater percentage established by law of any general fund budget surplus realized during a state fiscal year; (2) appropriations made to the fund; and (3) other sources designated by law. Provides for the allocation of income among the fund, the state general fund, and other state funds designated by law. Provides that the principal of the fund may be used only for those investments specifically designated by law as eligible for investment from the fund.
Last Action
First reading: referred to Committee on Ways and Means
1/14/2019