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HB 1167 IN

Proceeds of sale of a capital asset.

IN · session 2021 · Assembly / House · bill

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Introduced Jan 7, 2021

Latest action (Jan 7, 2021) First reading: referred to Committee on Local Government

Summary

Authorizes a nonprofit foundation established by a county to hold proceeds from the sale of capital assets to include in the foundation's investment policy statement a formal spending policy for: (1) a spending rate of up to 5% multiplied by a five year moving average of quarterly market values with the distributable amount for each year determined on a specified date; or (2) in the case of a foundation that was established less than 10 years ago, an interim spending rate of up to 5% multiplied by a moving average consisting of all available quarterly market values since the date the foundation was established.

Sponsor (1)

Action history (2)
  1. Jan 7, 2021 Authored by Representative Soliday · lower
  2. Jan 7, 2021 First reading: referred to Committee on Local Government · lower
Subjects
LOCAL GOVERNMENTNONPROFIT CORPORATIONS AND ORGANIZATIONSSALES AND USE TAXES

Text versions (1)

The published texts of this bill as it moves through the legislature. Each links to the official document on the state legislature site. Data from OpenStates.

  • Introduced House Bill (H) · Jan 5, 2021 · PDF

Full text

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